Jul 20, 2017 Last Updated 8:28 AM, Jul 20, 2017

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BHP to decommission Stybarrow oil project

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.


Consortium develops Victoria wind farm

AusBN – A consortium of five companies have announced that they will develop a 240 megawatt wind farm in Victoria.

The A$450 million project will use 75 wind turbines to generate enough electricity for 123,000 homes per annum.

Construction and maintenance of the project will be undertaken by General Electric (GE), Renewable Energy Systems (RES), Downer, Partners Group and OPTrust.

RES will manage the construction and commissioning of the project and once completed GE will take over the operation and maintenance of the facility.

Around 40% of the energy generated at the wind farm will be purchased by the Australian Capital Territory Government.

GE Australia, New Zealand and PNG president and CEO Geoff Culbert said: "The wind farm will have significant local impact.

“It will employ around 165 workers directly in the construction phase, another 120 indirectly, and is expected to inject at least $7 million - $8 million into the local economy around Ararat over two years.

"The project will also establish a local community fund which will inject over $2 million in support of good causes over its lifetime."


Wesfarmers acquires Australian oil & gas assets

AusBN – Wesfarmers (ASX: WES) has acquired a 13.7% stake in Quadrant Energy for US$100 million (A$129 million)

Quadrant is the operator of Apache Corporation’s former Western Australia oil and gas assets, which account for 40% of the state’s gas supply.

Wesfarmers managing director Richard Goyder said: "We look at sectors where we think there is growth and different investment opportunities.

"This is a sector we like."

As part of the acquisition Wesfarmers will appoint its executive general manager of business development Tim Bult as a Quadrant board director.


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