Apache sanctions Balnaves oil/gas project offshore Australia

Offshore staff

HOUSTON – Apache Julimar will proceed with the $438-million development of the Balnaves field offshore Western Australia.

The company discovered the field in Production License WA-49-L in 2009 during exploration/appraisal drilling on the Julimar-Brunello complex.

Balnaves is a light, sweet oil accumulation in a separate reservoir in the Triassic Mungaroo formation, adjacent to the large gas reservoirs of the Brunello field.

Apache is targeting first production in 2014, peaking at around 30,000 b/d of oil, with an estimated recoverable resource of 17 MMbbl of oil and 30 bcf of gas.

Development will involve two horizontal production wells connected to an FPSO via subsea tiebacks. One water injector will be used to maintain reservoir pressure. Gas will be reinjected into another reservoir for production at a later date as part of the Wheatstone LNG project.

Bumi Armada will provide the FPSO Armada Claire on a lease basis. The vessel has production capacity of 80,000 b/d of oil and 50 MMcf/d of gas, and 750,000 bbl storage capacity.

Apache Julimar has a 65% operating interest in WA-49-L and a 13% equity interest in the Wheatstone project. KUFPEC Australia (Julimar) owns the remainder of the offshore license and 7% of the Wheatstone project.

09/30/2011



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