This morning Woodside said the deal followed on from a head of agreement signed in August 2002, but was still conditional on the project receiving all joint venture and government approvals by mid-2004.
Natural gas, liquefied petroleum gas and condensate will be produced from the gas fields and transferred by subsea and underground pipeline to an onshore gas processing plant next to TXU’s Iona gas plant, about 6km north of Port Campbell.
Production is planned to start in 2006 at up to 60 Petajoules a year. This is equivalent to about 10% of south-eastern Australia’s current gas demand.
The project will produce up to 950,000 barrels of condensate and up to 125,000 tonnes of LPG a year.
Woodside Gas Business Unit Director, David Maxwell said the contract involves more than half the gas to be produced from the Geographe and Thylacine fields.
Partners are Woodside, with 51.55% (Operator), Origin Energy Resources Limited (29.75%), Benaris International NV (12.7%) and CalEnergy Gas (Australia) Limited (6%).
