Woodside Energy and joint venture partner Mitsui E&P have secured approval for the $1.9bn Greater Enfield project development, located 60km off Exmouth in Western Australia.
The project within Commonwealth waters will develop the Laverda Canyon, Norton over Laverda and Cimatti oil accumulations.
Through a 31km subsea tie-back, the reserves will be produced to the Ngujima-Yin floating production storage and offloading (FPSO) facility, which is stationed over the Vincent oilfield.
Woodside CEO Peter Coleman said: "We have achieved investment spend at the low end of our guidance range by leveraging the latest technologies and using existing FPSO infrastructure.
"This allows us to accelerate the development of previously stranded resources.
"Greater Enfield is a demonstration of our phased and sustainable approach to growth."
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As part of the project, six subsea production wells and six water injection wells are planned to be developed and production will be supported with the help of subsea multiphase booster pumps in the Laverda area and gas lift in the Cimatti area.
The project is targeting development of gross (100%) 2P reserves of 69Mboe from the three oil accumulations.
In conjunction with approval of the project development, Woodside reserves are set to increase by 41Mboe.
The project’s first oil is expected in mid-2019.
Woodside Energy is the operator of the Greater Enfield project with a 60% interest, while Mitsui owns 40%.