Seismic Exploration Begins on Oz Beehive Prospect
The Total-funded 3D seismic survey over the giant Beehive prospect off the coast of north-west Australia has begun, Australia-listed junior Melbana Energy said July 24.
The survey over the prospect, which Melbana says is one of the largest undrilled hydrocarbon structures in Australia, is being undertaken by geophysical company Polarcus – which was awarded the contract for it last month.
The commencement of the operation is on schedule and Melbana says it is expected to be completed before the end of August.
The Beehive survey acquisition area is about 500 kilometres2 with a larger operational area around it to allow for vessel turns and testing of equipment. The operational area is located in the Joseph Bonaparte Gulf, approximately 225 km west-southwest from Darwin, 65 km from the closest land at Cape Domett in Western Australia, and 60 km from Yelcher Beach in the Northern Territory.
Total and Santos have an option, together or individually, to acquire a direct 80% participating interest in the permit in return for fully funding the costs of all activities until completion of the first well. In the event of a commercial discovery Melbana will repay carried funding from its share of cash flow from the Beehive field. It’ll have no re-payment obligations in the event there is no commercial discovery and development.
“Beehive is located close to several existing facilities including Ichthys project and Blacktip field and pipeline offering several options for future gas monetization,” Melbana said.