Oil and gas firm Apache Julimar is to develop the $438m Balnaves oilfield located in production licence WA-49-L, offshore Western Australia.
Apache expects first production from the development, which is located adjacent to the large gas reservoirs of the Brunello gas field, in 2014.
Gross peak production is estimated at 30,000 barrels of oil per day, with gross recoverable resources at 17 million barrels of oil and 30 billion cubic feet of gas.
Apache has chartered the Armada Claire, a floating production, storage and offloading vessel owned by Bumi Armada, which will be connected to two horizontal production wells via subsea tiebacks.
Apache Julimar holds a 65% interest in the WA-49-L licence and a unit of Kuwait Foreign Petroleum Exploration Company owns the remaining stake.
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