Greater Sunrise (JPDA03-19, 03-20; NT/RL4; and NT/RL2)
Greater Sunrise is located in the Timor Sea, 450 kilometres north-west of Darwin, Northern Territory.
ConocoPhillips holds a 30% working interest in the Greater Sunrise area.
In early 2007, the International Unitisation Agreement and the Treaty on Certain Maritime Arrangements in the Timor Sea were ratified by the Timor-Leste and Australian parliaments and incorporated into the laws of the respective countries. At that time, the Greater Sunrise Co-venturers re-established working efforts for possible development of the field.
ConocoPhillips and its co-venturers are currently evaluating several development options for the Greater Sunrise area, and are currently targeting finalizing the concept decision in 2009.
Caldita (NT/P61) and Barossa Discoveries (NT/P69)
ConocoPhillips is operator of the Caldita and Barossa appraisal projects.
The NT/P61 permit is located offshore Northern Territory Australia, in the Timor Sea approximately 265 kilometres north-northwest of Darwin. The NT/P69 permit adjoins the northern boundary of NT/P61. Drilling of the Caldita-2 apprasial well in NT/P61was completed in early 2007, located 6 kilometres west-northwest of the Caldita-1 discovery well (drilled in 2005).
The Barossa-1 exploration well, in NT/P69, was drilled and tested in late 2007. Logging and two drill stem tests confirmed the presence of natural gas.
A 3-D seismic survey over the Caldita and Barossa structures commenced in December 2006 and was completed in May 2007. Technical evaluation of the Caldita and Barossa gas discoveries will continue in order to define the size and quality of the natural gas accumulations.
Browse Basin (WA-314-P, WA-315-P and WA-398-P)
In 2006, ConocoPhillips farmed into the Browse Basin permits WA-314-P and WA-315-P held 100% by Karoon. Under the terms of the farmin ConocoPhillips acquired an initial 51% working interest in return for funding a portion of two exploration wells and past costs.
ConocoPhillips became operator and has the option to increase to 60% working interest at its election in the event of a discovery by carrying some of Karoon’s development costs.
In November 2006 ConocoPhillips and Karoon successfully bid on a government gazettal block south of WA-315-P and were subsequently awarded permit WA-398-P in May 2007. ConocoPhillips has 60% equity and operatorship and Karoon has 40% equity. The Endurance 3D seismic survey was completed in 2008 and a drilling program will commence in late 2008 or early 2009.
ConocoPhillips and Origin Joint Venture (Australia Pacific LNG)
ConocoPhillips and Origin Energy announced their agreement on September 7 2008 to create a long-term natural gas business focused on coal seam gas production and liquefied natural gas (LNG) processing and sales.
In October 2008, ConocoPhillips contributed US$5 billion to the joint venture and will carry Origin Energy for their first AU$1.15 billion in joint venture expenses. ConocoPhillips will make up to four additional payments of US$500 million based on project milestones, for a total possible cash acquisition investment of approximately US$8 billion.
ConocoPhillips acquired a 50 percent equity in Origin Energy CSG Limited (subsequently renamed Australia Pacific LNG Limited), which holds coal seam gas assets and numerous permits in the Bowen and Surat Basins. In addition to ongoing domestic production and sales, the APLNG project will comprise a coal seam gas development, operated by Origin Energy, and an LNG project, operated by ConocoPhillips. As planned, APLNG will market the LNG with ConocoPhillips leading the marketing venture for the first 10 years.
Initially, 2 LNG trains, utilizing ConocoPhillips’ proprietary Optimized Cascade® LNG Process and each processing an estimated nominal 3.5 million tons of LNG per year, are anticipated with an additional 2 planned for further expansion.