SEATTLE (Oil Monster): ConocoPhillips has announced a significant natural gas discovery offshore Victoria in Australia’s Otway Basin, marking a major boost to regional exploration activities. The company confirmed that additional assessment and testing will be required to determine potential production flow rates from the new find.
According to ConocoPhillips, its Essington-1 exploration well encountered gas-bearing zones within the Waarre A and Waarre C sandstone formations. Preliminary well logs and wireline data indicate an estimated 62.6-meter gross hydrocarbon column in the Waarre A reservoir and a 33.2-meter gross column in the Waarre C. The well lies approximately 53 kilometers off the coast of Port Campbell and about 12 kilometers from existing producing gas infrastructure.
ALSO READ:
ConocoPhillips Entered Into SPA with NextDecade Corporation to Expand LNG Portfolio
ConocoPhillips Ponders Sale of Oklahoma Oil and Gas Assets
Jan-Arne Johansen, President of ConocoPhillips Australia, said the discovery represents the first successful find in the Otway Basin since 2021 and marks a strong start to the company’s renewed exploration program. He noted that the early results are encouraging, adding that the company is preparing to drill its second exploration well in December.
ConocoPhillips Australia holds a 51% operating interest in the project, while partners Korea National Oil Corporation and 3D Energi hold 29% and 20% stakes, respectively.
The current exploration campaign includes plans for six wells across two permits, with the potential to drill an additional four wells depending on results, the company noted.
