Australian Pyrenees project gets go ahead

Approval has been finalised for development of the Pyrenees oil fields of Crosby, Ravensworth and Stickle, in the Exmouth Sub-basin, off the North West Australian coast.

Discovered in 2003, the Pyrenees fields are estimated to have recoverable oil reserves in the range of 80-120 million barrels of oil.

However, before any drilling projects could begin, extensive environmental assessments had to be completed, which involved consultation with local communities and stakeholders.

Now this has been completed the development of the oil fields can go ahead.

The Pyrenees Project will be a joint venture between BHP Billiton and Apache Corporation, with stakes of 71.43% and 28.57% respectively.

The overall project has been costed at around $1.7 billion, with the fields estimated to have a life cycle of 25 years, producing 96,000 barrels of oil a day.

Production is scheduled to begin at the start of 2010.