OPERATOR Neptune Energy yesterday announced it is pressing on with its planned exploration of the Petrel oil and gas field in the Bonaparte Basin offshore northern Australia.

Neptune holds a 54% interest in the project alongside Australia's second largest gas producer Santos (40.25%) and Beach Energy (5.75%). 

Late yesterday Neptune told shareholders it had successfully completed the first step in its exploration campaign, namely a 3D seismic survey across two permits north of Western Australia and the Northern Territory. 

The Petrel field is the largest of three gas fields being considered for development by Santos, Beach and Neptune. The other smaller fields include the Tern and Frigate fields which are both wholly owned by Santos. 

The three fields were to be developed by Santos and GDF Suez using a floating LNG facility but those plans were shelved in mid-2014 after oil prices plummeted. However when Neptune came to the party, hopes for the development returned. 

"The seismic survey was the first significant investment in this part of the Bonaparte basin in more than five years and it continues to present exciting future growth opportunities for Neptune offshore Australia," managing director Janet Hann said.

Seismic acquirer Polarcus was contracted to carry out the survey in 2019. The survey was undertaken across NT/P84 and WA-454-P in water depths between approximately 73m to 107m.

Neptune has received some of the initial findings from the seismic, but data processing is expected to be completed later this year.O

Source: Energy News Bulletin

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