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Summary

First liquids from Bayu-Undan project

The Operator of the Bayu Undan project in the Timor Sea, ConocoPhillips, has announced that first liquids production has been achieved, on schedule, from the Gas Recycle (Liquids) phase of the project. This follows successful commissioning and start-up.

A copy of the ConocoPhillips release is enclosed.

The Operator anticipates that gas recycling (gas reinjection and increasing liquids production), will occur on schedule in April 2004. Full daily design rates of 1.1 billion cubic feet of gas, 115,000 barrels of combined condensate, propane and butane plus 950 million cubic feet of dry gas (for re-injection) are scheduled by the third quarter of 2004.

The Liquids project involves extracting and processing wet gas to remove condensate, propane and butane (liquids) before re-injecting dry gas back into the reservoir for later use. The liquids are then loaded onto a floating storage and offloading facility.

Santos, with a 10.6 per cent interest, is the only Australian-owned company involved in the world class project which is located in the Timor Sea. ConocoPhillips with a 56.7% interest operates the Bayu-Undan project.

Santos Limited is a major Australian oil and gas exploration and production company with interests in all Australian hydrocarbon provinces. The Santos Group also operates in the USA, Indonesia and PNG.

Interests in the total Bayu-Undan project are:

  • ConocoPhillips (Operator) 56.72%
  • ENI 12.04%
  • Santos Group 10.64%
  • INPEX 10.52%
  • Tokyo Electric Power Company, Incorporated/Tokyo Gas Co., Ltd. 10.08%