The permit spanning 1,006 km2 is located on the southern side of the Gippsland Basin, adjacent to the giant Kingfish Oil Field
Image: VIC/P74 Location. Photo courtesy of 3D Oil Limited.
3D Oil announced that the National Offshore Petroleum Title Administrator (NOPTA) has awarded the company the VIC/P74 permit in the offshore Gippsland Basin.
The permit spanning 1,006 km2 is located on the southern side of the Gippsland Basin, adjacent to the giant Kingfish Oil Field.
The Kingfish Field marks the largest oil field to be discovered in Australia and has produced more than one billion barrels of oil till date.
3D Oil stated: “The primary work programme is modest and largely consists of purchase of reprocessed 3D seismicdata.”
The company said that the acreage acquisition of VIC/P74 is based on the expected significant enhancement of the 3D seismic in the basin and the reprocessing work is being carried out by CGG, a French service company.
In addition, the exploration of the permit region was inhibited previously by the severe depth conversion issues due to velocity complexities in the shallow section above the reservoir target.
At 3D Oil’s other permit Gippsland permit VIC/P57, the company has witnessed significant improvements in tackling technical issues, through employing advanced reprocessing techniques.
The permit, which also includes Omeo gas and condensate discovery, is expected to have significant hydrocarbon accumulations, similar to the neighbouring Kingfish Field.
3D Oil owns interests in three other offshore permits
3D Oil said that it holds interests in three other offshore permits including VIC/P57, with 24.9% interest and located in the Gippsland Basin, T/49P with 100% interest and located in Otway Basin, and WA-527-P, with 100%interest and located in the Bedout sub-basin.
Under the terms of a pre-bid agreement, Hibiscus Petroleum holds an option to form a Joint Venture with the operator, 3D Oil for a 50% interest in VIC/P74 on a ground floor basis.
In May, 3D Oil secured the necessary environmental approvals from the Commonwealth Statuary National Agency, NOPSEMA, to acquire the Dorrigo 3D Marine Seismic Survey within 100% owned T/49-P of the Offshore Otway Basin.