Photo by: Bloomberg
PERTH (miningweekly.com) – Oil and gas major Woodside has reported a 52% increase in the resource volume at the Scarborough field, from 7.3-trillion cubic feet to 11.1-trillion cubic feet.
Woodside holds a 75% interest in the Greater Scarborough project, which covers the Scarborough, Thebe and Jupiter fields.
The increase in the Scarborough resource also meant that the resource at Greater Scarborough had increased by around 41% to 13-trillion cubic feet.
Woodside CEO Peter Coleman on Friday said that the increase in the estimated resource volumes at Scarborough underscored its potential as a world-class project which could meet growing demand for gas in Asia and beyond, as well as supplying the domestic Western Australian market.
“Our understanding of the value of the Scarborough gas resource has increased after applying leading-edge technology and geophysical data collected since the field’s discovery almost 40 years ago.
“By unlocking the huge potential of the Scarborough gas resource we’ve strengthened the case for development and extended the expected cashflow from Scarborough for years.”
Coleman said that the resource upgrade also improved Scarborough’s existing value proposition as the company targeted the delivery of a new, globally competitive liquefied natural gas project from 2024.