The Australian firm plans to develop and deliver the new supply of gas through the Athena gas plant in a series of development steps, the first of which will be the Otway phase-3 project, which involves the development of the Annie gas field
Cooper Energy says the offshore Otway gas hub has potential to deliver nearly 580Bcf of new cost competitive gas. (Credit: QR9iudjz0/Freeimages)
Cooper Energy has unveiled growth plans for its offshore Otway gas hub in Australia, which the company claims could potentially produce nearly 580 billion cubic feet (BCF) of new competitive gas.
The Australian firm said that the Otway gas processing infrastructure has been secured with available capacity and direct access to gas customers in south-east Australia. This has been possible after completing the upgrade to the Athena gas plant and the cutover from the Iona gas plant to the former in December 2021, said Cooper Energy.
It plans to develop and deliver the new supply of gas via the Athena gas plant in a series of development steps. The first of them will be the Otway phase-3 development (OP3D) project, which is anticipated to enter detailed front end engineering design (FEED) in the first quarter of FY23.
Subject to the joint venture approval, Cooper Energy is targeting a final investment decision (FID) on the OP3D project in the third quarter of FY23. The company is expecting to draw first gas before winter 2025.
The company said that it has carried out an evaluation of the potential of the Annie and Henry gas fields and neighbouring exploration prospects.
According to Cooper Energy, the OP3D project will be based around the development of the Annie gas field, along with low-risk short cycle time exploration drilling. This is expected to streamline capital management and maximise economic return, said the firm.
The company is also mulling the further development of the Henry gas field for inclusion in a future phase.
It expects the Annie field to increase the current production rates through the Athena Gas Plant by more than two folds and give an extension of nearly five years of foundation life to the existing production assets.
Cooper Energy stated: “The Annie development is expected to include flexibility to allow tieback of successful low risk, high deliverability prospects. Cooper Energy’s assessment of the Annie 2C Contingent Resource estimate has been upgraded to 63.5 PJ2 (100% basis).”
The company has an operating stake of 50% in the Athena gas plant and Casino Henry Netherby (CHN) fields. Its partners include Mitsui E&P Australia (25%) and Peedamullah Petroleum 25%).