Timor Sea oil field

Timor Sea oil field

MELBOURNE (Dow Jones): The Elang/Kakatua oil field development
in the Timor Sea is on track to begin production in mid-July, a
spokesman for field operators, the Broken Hill Proprietary Co.
(BHP), said yesterday.

Production at Elang/Kakatua is expected to peak at 33,000
barrels per day.

The field will be the first development to be completed in the
so called Zone of Cooperation in the Timor Sea, which is jointly
administered by the Australian and Indonesian governments. Both
governments will share tax revenue from the development.

BHP will use a floating production, storage and off-loading
vessel, the Modec Venture, to extract oil from three sub-sea
wells.

Total commercial reserves in the field are estimated at 29
million barrels, and the operation has a four year life.

BHP holds 42.4 percent of the field and is partnered by Santos
Ltd. with 15 percent.