The year-long study, to which Woodside will contribute about US$500,000, will include geological and geophysical reviews of existing data on the basin.
The Ulleung Basin is immediately north of the Donghae-1 gas field, South Korea’s only producing hydrocarbon project. The study area will extend over 31,000sqkm, with water depths ranging from 300 metres to more than 2,000 metres.
Woodside and KNOC each hold a 50% interest in the joint study agreement, and after one year of studies have an option to enter formal exploration agreements with the Korean Government, said Woodside director of exploration and new ventures Agu Kantsler.
“We look forward to working with our Korean colleagues and in reviewing the hydrocarbon potential of the area,” Kantsler said.
“Woodside’s entry to Korea is consistent with the company’s exploration strategy to hold a balanced portfolio of acreage in proven hydrocarbon basins and frontier deepwater areas, and is similar to other country entries where Woodside’s financial commitment is initially limited to the cost of studies.”
The agreement complements Woodside's existing diverse business interests with other energy-related players in Korea, including an LNG supply contract between the Woodside-operated North West Shelf Venture and the Korea Gas Corporation.
Woodside also has major contract with Samsung Heavy Industries for the construction of a floating production, storage and offloading vessel for its Enfield oil project.
Meanwhile, Woodside Energy (USA) Inc., a wholly owned subsidiary of Woodside Petroleum Ltd., has reported that a production test of the Midway exploratory well in the Gulf of Mexico on Brazos Area Block A 39 has been successfully completed.
The well produced at 10 million cubic feet of gas a day, constrained by a 13/64 inch choke, during a 17-hour flow test.
It is expected to be tied back to an existing production platform in the immediate vicinity.
The Midway exploratory well was drilled to a total depth of 6,247 metres (20,496 feet) measured depth.
Water depth at the location is about 45 metres (149 feet.) All reported depths are referenced to the rig rotary table.
Pioneer Natural Resources USA, Inc. is operator of the Midway prospect. Woodside and Pioneer each own a 50% working interest in the OCS-G 4559 #5 well.