Apache Santos to proceed with Reindeer field development
2009.01.07 -
Projects
Apache Corporation said that it has signed a contract to supply natural gas from the Reindeer Field to CITIC Pacific's Sino Iron project in Western Australia.
Apache and its Reindeer joint venture partner Santos Ltd have agreed to supply 154 billion cubic feet of gas over seven years beginning in the second half of 2011. Apache owns a 55-percent interest in the field and Santos owns the remaining interest.
The gas will be supplied through a new, 65-mile offshore pipeline and a new onshore sales gas processing facility at Devil Creek, about 28 miles southwest of Dampier, with capacity to process 210 million cubic feet of gas per day. Apache plans to sell additional production from the Reindeer field to other domestic customers in Western Australia.
The contract price for the first three years is a fixed price adjusted periodically for changes in the Australian consumer price index. Beginning in the fourth year, the price is indexed to international oil prices. At an oil price of $50 per barrel, Apache's net share of the revenue over the seven years of the contract would be approximately $700 million.
More Apache News , Australia News , Reindeer Project News
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