ExxonMobil Australia chairman Mark Nolan said following a $100 million 3D seismic survey the company was confident that daily output could be stablised at 140,000 barrels of liquids.

The ExxonMobil/BHP Bass Strait assets produced more than 500,000 barrels a day of liquids in their heyday, but are now experiencing natural decline of 20% per annum.

But an infill and near-field drilling program targeting small pools could hold production steady for the few years, according to Nolan, who said high oil prices meant production from offshore wells flowing as little as 1000 barrels a day had become very attractive.

The program would initially use fixed platforms but a floating processing storage and offtake vesssel would be used in 2009 before being redeployed at the Kipper gas project, Nolan said.