Woodside Energy (USA) Inc., a wholly owned subsidiary of Woodside Petroleum Ltd., has approved capital expenditure for its share of the Neptune oil and gas field development in the Gulf of Mexico.
Woodside Energy (USA) Inc. has a 20% interest in the Neptune joint venture.
When the project comes on line in late 2007, it will provide Woodside’s first deepwater Gulf of Mexico oil production. Neptune is in about 1,300 metres (4250 feet) of water, 180 kilometres off Louisiana. Recoverable reserves from the field are expected to be between 100 and 150 million barrels of oil equivalent. Production will be initially through seven subsea wells tied to a stand-alone platform with a design capacity to produce up to 50,000 barrels of oil a day and 50 million cubic feet of gas a day.
Joint venture participants in Neptune are Woodside Energy (USA) Inc. (20%), BHP Billiton (35% and operator), Marathon Oil Company (30%) and Maxus (US) Exploration Company, a subsidiary of Repsol YPF (15%).
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