Woodside Petroleum Secures $670 Million Contracts for Laminaria and Corallina Oilfields

Woodside Petroleum has made significant progress in the development of the Laminaria and Corallina oilfields in the Timor Sea, securing two major contracts worth $670 million. The world's biggest floating production, storage, and offloading facility is set to be built, with international construction and engineering company Kvaerner and the Single Buoy Mooring Consortium leading the project. Additionally, a contract to design sub-sea facilities was awarded to a consortium of Coflexip Stena Offshore Asia Pacific and JP Kenny Pty Ltd. Woodside's joint venture partners, Shell Australia and BHP, are expected to finalize development approval in March, marking a significant milestone in the project's development plan.

Key Takeaways:

• Woodside Petroleum has secured two major contracts worth $670 million for the development of the Laminaria and Corallina oilfields, with Kvaerner and the Single Buoy Mooring Consortium leading the project for the world's biggest floating production, storage, and offloading facility.
• The contracts are subject to approval by Woodside's joint venture partners, Shell Australia and BHP, who hold 25% stakes each in the project.
• A third smaller contract worth $3 million was let from Woodside's North West Shelf project, awarded to Perth-based companies Brown & Root Engineering and JP Kenny to design and manage the development of a second trunkline.
• Woodside's joint venture partners are expected to finalize development approval in March, completing the field development plan.
• The work to create the platform is expected to cost $500 million, while development of subsea facilities and acquisition of long lead items will cost $170 million.
• Woodside has a 50% stake in the project, with Shell Australia and BHP holding 25% each.
• Shares in Woodside closed 11 cents firmer at $9.14 yesterday.

Statistics:

• $670 million: Total value of the two major contracts secured by Woodside Petroleum for the Laminaria and Corallina oilfields development.
• $500 million: Cost of the work to create the world's biggest floating production, storage, and offloading facility.
• $170 million: Cost of developing subsea facilities and acquiring long lead items.
• $3 million: Value of the contract awarded to Perth-based companies Brown & Root Engineering and JP Kenny for the design and management of a second trunkline.
• 11 cents: Increase in shares in Woodside, closing at $9.14.
• 50%: Woodside's stake in the Laminaria and Corallina oilfields development project.
• 25%: Stake held by Shell Australia and BHP in the project.
• 350km: Distance of the Laminaria and Corallina oilfields from Darwin.

Sources:

• "Woodside Petroleum secures $670 million contracts for Laminaria and Corallina oilfields." Woodside Petroleum, [Source Date].