Scarborough FID due in H2 next year
PERTH (miningweekly.com) – A final investment decision on the Scarborough project, offshore Western Australia, is expected in the second half of 2021, developer Woodside said on Monday.
The company told shareholders that the joint venture (JV) had received offers for the grant of petroleum production licences for both the Scarborough and North Scarborough titles from the Commonwealth and Western Australian Joint Authority.
Woodside CEO Peter Coleman said that the JV intended to accept the production licences, demonstrating the strong commitment of both the JV participants and the state and federal governments to move the project forward.
“The impacts of Covid-19 and the ensuing volatility in market and investment conditions have provided us with an opportunity to review options for the Scarborough development, allowing us to improve execution certainty and increase the value of the world-class resource,” said Coleman.
“With production licences and the offshore project proposal environmental approval in place, Woodside will have secured the key primary Commonwealth approvals required to support a final investment decision.”
The Scarborough JV will now advance its application for a pipeline licence and submission for the field development plan to the Joint Authority, with the aim of making a final investment decision in the second half of next year.
JV partners Woodside and BHP in February this year reached an agreement to align their participating interests across the Scarborough and North Scarborough titles, resulting in Woodside holding a 73.5% interest and BHP holding the remaining 26.5% interest in both titles.
The Scarborough gasfield is estimated to contain a contingent resource of some 11.1-trillion cubic feet.
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