AusBN – BHP Billiton (ASX, NYSE: BHP; LSE: BLT; JSE: BIL) and Woodside Petroleum (ASX: WPL) are preparing to decommission the Stybarrow group of oil fields by the end of the year.
The Stybarrow and Eskdale fields, located in production licence WA-32-L offshore Western Australia, have been producing for eight years.
When decommissioned, they will have produced 60 million barrels over eight years, compared with the 60-90 million target they were expected to produce over 10 years.
Stybarrow and Eskdale were discovered in 2003 and came on-stream in 2007, at a development cost of $760 million.
The 10-year contract for the floating production, storage and offloading vessel (FPSO) used on the project will be terminated early.
Operator BHP has submitted the first documents to the National Petroleum Safety and Environmental Management Authority to begin the abandonment process.