The field straddles two production sharing contract (PSC) areas (91-12 and 91-13) in the Joint Petroleum Development Area (JPDA) in the Timor Sea. The Bayu-Undan field is a single gas/condensate resource with recoverable reserves of approximately 400 million barrels of liquids (condensate and LPG) and 3.4 tcf of gas.
The Bayu-Undan development will be undertaken under the terms of the PSCs and applicable regulation and by the following Unit Participants.
The Co-Venturers signed a Unit Operating Agreement on 14 July 1999 and have appointed Phillips Petroleum (91-12) Pty Ltd as the Unit Operator for the Bayu-Undan Project. The Unit Participants have also approved a Unitization Agreement as stipulated under terms of the Petroleum Mining Code relating to petroleum operations inthe JPDA, which has been approved by the Joint Authority.
The field was discovered in early 1995 following the successful completion of the Bayu-1 located in area 91-13. Subsequent wells drilled in areas 91-12 and 91-13 confirmed the size and potential of the field. The field, which measures approximately 25 km by 15 km, will require approximately 26 wells over its life to produce the reserves; approximately 16 of these wells will need to be completed by startup. Preliminary engineering studies for the liquids stripping / gas recycle phase of development were completed in late 1998, and a detailed cost estimate was prepared for the Unit Participants. Co-venturer approval of this phase of the development was received in November 1999. The Timor Gap Joint Authority approved the Development Plan in February 2000.
Development & Facilities
The current phase of the Bayu-Undan development is a liquids stripping and dry gas reinjection project comprised of primary facilities of the approximate tonnage and sizes given below:
The purpose-built FSO, which will be manufactured by Samsung Heavy Industries will be permanently positioned offshore in the field. All liquid products will be sold directly to world markets and exported from the offshore facilities in the field on buyer-chartered condensate and LPG offtake tankers.
CAUTIONARY STATEMENT FOR THE PURPOSES OF THE "SAFE HARBOR"
PROVISIONS OF THE U.S. PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
The contents of this website contain forward-looking statements made by, or on behalf of, Phillips and the other Unit Participants. Neither Phillips nor the other Unit Participants undertake to update or revise any of these forward-looking statements. These include, without limitation, statements relating to operations, plans, strategies, objectives, expectations and limitations. These statements are not guarantees of future performance or result. Rather, due to risks, uncertainties and other factors, actual results may differ materially from those expressed in any such forward-looking statement. The following are certain (but not necessarily all) important risk factors that could cause actual results to so differ:
Plans to drill wells and develop Bayu-Undan are subject to: the ability to obtain agreements or consents between or from co-venturers and governmental authorities; engaging drilling, construction and other contractors; geological, land or sea conditions; world prices for oil, natural gas and natural gas liquids; applicable law and regulatory requirements; and the availability of economical financing.
Estimates of proved reserves, raw natural gas supplies, and project cost estimates have been developed using the latest available information and data, and recognized techniques of estimating, including those prescribed by the U.S. Securities and Exchange Commission, generally accepted accounting principles and other applicable requirements.
Please note that all references to Phillips or Phillips Petroleum on this page refer to Phillips Petroleum (91-12) Pty Ltd as Unit Operator for the Bayu-Undan development, except as specifically mentioned otherwise.
Copyright 2001 Phillips Petroleum (91-12) Pty Ltd. All rights reserved.