Buffalo Oil Field
Timor Sea Oil and Gas Fields
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- The Buffalo field is located in the Timor Sea, in production licences WA-19L and WA-21L approximately 560 kilometres north-west of Darwin.
- As at April 2001, title is held by:
|Nexen Petroleum Australia Pty Ltd||100.0%|
- On 28 November 2000, BHP announced it had agreed to sell its interest in the field to InterOil Corporation.
- However, Nexen Petroleum recently exercised its pre-emptive rights to purchase BHP's interests in the field, which has given Nexen 100% ownership of the field.
- The field is small, with original oil reserves most likely to be 19 million barrels (3 million cubic metres).
- BHP Petroleum Pty Ltd discovered the field in late 1996 and announced in September 1998 that the field would be developed.
- The production licence was granted in September 1999 with first oil production commencing in December 1999.
- First oil production commenced 29 December 1999.
- The field has reached a net peak production of 20,000 barrels of oil per day.
- The field produced 1.3 million barrels (205,692 cubic metres) in the first 29 days of production.
- As at 31 December 2000, remaining net proven plus probable reserves were 1.78GL of oil.
- Project life is expected to be about three years.
- Expected gross capital cost is A$150 million (US$88 million).