Company is targeting first gas from the offshore gas field in the first half of FY23
Beach Energy has declared the net 2P undeveloped reserves of the Enterprise gas field in the Otway Basin offshore Victoria, Australia at 34 million barrels of oil equivalent (MMboe).
The company’s share as per its operating stake of 60% in the gas discovery is 21 MMboe.
Beach Energy is partnered by O.G. Energy, which holds the remaining 40% in the Enterprise gas field.
The 2P reserves of the field include 161 petajoules (PJ) of sales gas, 352,000 tonnes of LPG, and four million barrels (MMbbls) of condensate, at an initial gas-condensate yield of around 25bbls/mmscf.
The reserves have been declared following the completion of drilling and well testing at the discovery.
The Enterprise gas discovery was made in November 2020 following the drilling of the Enterprise 1 exploration well from an onshore location, 3.5km from Port Campbell and 8km from the Otway Gas Plant.
Beach Energy managing director and CEO Matt Kay said: “The material Enterprise discovery helps to ensure a continued pipeline of gas to the Otway Gas Plant – a key supplier to the East Coast gas market.
“The liquids content in the field is more than double our pre-drill expectation, significantly increasing the value of the discovery.
“Ultimately, Beach’s investment in the region with our joint venture participant is helping to meet the shortfall in supply that is forecast for the East Coast gas market in the near future, as well as providing an economic boost to the region and creating jobs through the supply chain.”
Beach Energy said that it plans to begin front end engineering design (FEED) activities for the development of the Enterprise gas field during the latter half of FY21.
The company will look to make a final investment decision during FY22, with a target of achieving first gas in the first half of FY23 through a tie-back to the Otway Gas Plant.
Additionally, the company intends to investigate further scope for exploration around the vicinity of the Enterprise gas field. For this, Beach Energy will use the existing Enterprise 1 drill pad.