Woodside Petroleum
(ASX:WPL) has announced its development of the Greater Enfield Project, a joint venture with Mitsui E&P Australia, has been approved.
The project is located 60 km off Exmouth, and will see the two companies develop three oil reserves, with total project investment costs in the region of US$1.9 billion.
Woodside has indicated monetising the Greater Enfield project has been made possible thanks to breakthroughs in the development concept, technology and contracting.
The project is targeting production of 69 MMBOE, with first oil expected in mid-2019.
Woodside Petroleum reported a net profit of $155 million at 31 December 2015.
