No fast track of Chinguetti says Woodside

Woodside Petroleum is maintaining that there will be no fast track of development plans for the massive Chinguetti oil field despite the tempting rise in crude prices around the globe.
No fast track of Chinguetti says Woodside No fast track of Chinguetti says Woodside No fast track of Chinguetti says Woodside No fast track of Chinguetti says Woodside No fast track of Chinguetti says Woodside

Recent news reports have suggested that the Joint Venture partners are finalising key contracts for the offshore development, committing the venture to produce first oil by fourth quarter 2005.

However, a spokesman for Woodside told EnergyReview.net that the group has stuck with the development schedule agreed upon several years ago and that a final investment decision will not be made until the middle of this year, despite the spike in crude prices, with key contracts awarded thereafter.

Although final decisions are yet to be made it is thought the project will centre on a Floating Production, Storage and Offloading (FPSO) vessel with around a 1.6 million barrel capacity producing 75,000 barrels per day.

Woodside holds 53.8% of the Chinguetti field which lies in the deepwater Block 4 in PSC Area B, offshore Mauritania. Australian companies Hardman Resources and Roc Oil also hold 33.23% and 3.693% respectively.

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