Licence applications by Woodside-Burmah

Press, Volume CXVI, Issue 34119, 3 April 1976, Page 18

Licence applications by Woodside-Burmah

(New Zealand Press Association-Copyright) MELBOURNE. Woodside-Burmah Oil, Ltd, has taken the first step towards developing its vast North-West shelf gas reserves by applying for production licences for the North Rankin field, said the chairman (Mr J. G. Donaldson) in the annual report.

The application had been made to the Western Australian designated authority and covered five blocks ,he said.

study the potential I.n.g. market, intensive new investigations into the economics of I.n.g. production had been started.

Before any shelf production plan was finalised pronducr euswdlo eed firm commitments from potential consumers for purchases of gas and I.n.g. in volumes sufficient to justify development.

Woodside, has also applied for renewal of a portion of a permit covering the Golden Beach gas discovery off Victoira.

The company plans, to begin drilling in water depths up to 350 metres — a big rise on the previous drilling capacity of 200 metres.

The producers would also need to arrange project finance in theform of equity or loan capital.

: Many matters still reaI mined to be resolved with the Federal and W.A. Governments, including the volume of production and exports, the movement of funds, importing of essential materials and equipment, different tax treatment, and infrastructure requirements, Mr Donaldson said. “Many engineering and other studies still lie ahead of the joint, venture’s planning team and could take considerable time t.o resolve. “The over-all objective remains to produce and sell { gas as soon as possible, and we are encouraged by the assistance being given by| the State and Com-; monwealth Governments,” { he said. After a visit to Japan tol

Notes to the accounts show that a Woodside subsidiayr. Vamgas, has raised a sAust3.3m term loan from the Australian Resources Development Bank to fund its commitments int the Cooper Basin.

The ccounts have been adjusted t.o reflect the $108,823 fall in Vamgas's income following the Cooper Basin unitisation agreement which cuts the company’s share of Cooper Basin gas output from 10 per cent to 9 per cent.