The Scarborough Joint Venture (JV) has been granted petroleum production licences from the Commonwealth and Western Australian Joint Authority.
The JV received offers for the granting of production licences in respect of the WA-1-R (Scarborough) and WA-62-R (North Scarborough) titles, following an agreement reached between JV partners Woodside and BHP in February 2020.
This agreement aligned the two companies interests across the titles, resulting in Woodside holding a 73.5 per cent interest and BHP holding a 26.5 per cent interest in each title.
Woodside CEO Peter Coleman said the JV intends to accept the production licenses, demonstrating a strong commitment from both JV participants and the State and Federal Governments in pushing the project forward.
“The impacts of COVID-19 and the ensuing volatility in market and investment conditions have provided us with an opportunity to review options for the Scarborough development, allowing us to improve execution certainty and increase the value of this world class resource,” he said.
“With Production Licences and the Offshore Project Proposal environmental approval in place, Woodside will have secured the key primary Commonwealth approvals required to support a final investment decision (FID).”
Following acceptance, the JV will advance its application for a pipeline licence and submission of the Field Development Plan to the Joint Authority, in preparation for the targeted FID in late 2021.
For more information visit the Woodside website.
If you have news you would like featured in The Australian Pipeliner contact Managing Editor David Convery at email@example.com