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Summary

Increased Production from Elang and Stag Oil Fields

Increased Production from Elang and Stag Oil Fields

On 31 July 1998, Santos released its 1998 Second Quarter Report and provided details of the forecast oil production from the Elang/Kakatua and Stag oil fields. Further to that announcement, Santos advises the following progress on achieving the outcomes forecast on 31 July 1998:

Elang/Kakatua/Kakatua North

Total oil production from the Elang, Kakatua and Kakatua North oil fields has recently been as high as 36,000 barrels of oil per day. In the earlier announcement, it was indicated that only limited production had been achieved at that time but the operator, BHP Petroleum, forecast that production from the field should stabilise at 32,500 barrels of oil per day by September 1998. Production to date has demonstrated that this target should be achieved or exceeded.

Stag

Total oil production from the Stag oil field is currently running at approximately 15,000 barrels of oil per day. This compares with a production rate at the time of the previous release of 10,400 barrels of oil per day. The increase in production rate has been achieved mainly from a well not affected by the gas cap and this gives greater confidence in the previously announced forecast from the Operator, Apache, of 23,000 barrels of oil per day in the fourth quarter of the year.

The participants in the Elang/Kakatua/Kakatua North development are:

  • BHP Petroleum (91-12) Pty Ltd (Operator) 42.417%
  • Santos (ZOCA 91-12) Pty Ltd 21.426%
  • Inpex Sahul, Ltd 21.209%
  • Petroz (Timor Sea) Pty Ltd 13.371%
  • Emet Pty Ltd 1.577%

(wholly owned subsidiary of Petroz NL)

The participants in the Stag development are:

  • Santos Ltd 54.17%
  • Apache Energy Ltd (Operator) 33.33%
  • Globex Far East 12.50%