BASS STRAIT OIL FIELDS

Press, Volume CXI, Issue 32764, 15 November 1971, Page 15

BASS STRAIT OIL FIELDS

Early forecasts exceeded (N.Z.PA. Staff Correspondent! SYDNEY. November 11. Oil production from Bass Strait now looks like being much higher than original forecasts, according to the Australian “Financial Review.”

Esso and B.H.P. have advised customer oil companies that they expect to produce 315,000 barrels of crude oil a dav from the Gippsland Shelf fields in the first threequarters of next year, and 340,000 barrels a day in the last quarter.

But other factors, including the probabilities that production from the Kingfish field will be higher than present forecasts, and that the Tuna field will go into production, point to even greater production again by 1973 or 1974. the “Financial Review” said. The official forecast had been 300,000 barrels a day, which amount is now being produced, though still with some fluctuations. Recoverable reserves are still unchanged at 1060 million barrels for Kingfish and 440 million barrels for Halibut.

These are the two biggest fields.

The review said Esso and B.H.P. are estimating that m the first three-quarters of next year they will be producing 155,000 barrels a day from each of the Halibut and Kingfish fields, and 5000 barrels from Barracouta.

These compare with preproduction “round figure” estmates of 100,000 barrels a dav from Halibut and 200,000 barrels from Kingfish.