"We're looking at [an offer of] 80 cents to $1 premium to APPI Tapis," a Singapore-based BP official told the news agency.

The Mutineer-Exeter light sweet cargo is comparable with Australia's middle distillate-rich Legendre grade.

The oil, to load between March 20-30, is the first major crude to be exported from Australia in nearly four years.

The Carnarvon Basin field is operated by Santos Ltd. Other partners include Woodside Petroleum, Kuwait's Kufpec and Japanese company Nippon Oil Corp.

Meanwhile Vetco Gray has delivered subsea production systems and installed four of these for Santos Ltd’s Mutineer and Exeter Project offshore north-west Australia.

All of the subsea production systems include subsea wellheads, dual ESP HT subsea trees and production controls systems, in addition to installation equipment and services for the complete project.

Vetco Gray’s project team coordinated systems delivery and integration from facilities in Singapore, Indonesia, Australia, England and Scotland.

The delivery and successful installation of the subsea production equipment has been an important project milestone for Santos, said Mutineer Exeter Field development project manager Janet Hann.