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18.5¢ carnarvon energy limited

Correction to the final rate for the original Buffalo...

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OilWatcher

136 Posts.

96

16/03/21

15:22

Post #: 51807167
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Originally posted by JustCroozin: ↑

Just read the whole article. This:

"Also "the field wasn’t abandoned by BHP because they ran out of oil. The FPSO lease ran out and the FPSO vessel owner took it somewhere else because BHP didn’t want to pay increase leased rates. I think it was still producing 1,800 barrels per day at abandonment. That level of output in most fields is very economic if you own, and have paid off the bank, for the infrastructure,” added the source."...

is BS. BHP tried to sell their half share to InterOil for US21m in 2000, at which point Nexen exercised their pre-emptive rights and became the 100% owner/operator. BHP was long gone when the Buffalo Venture was taken out of service at Buffalo, modified, and redeployed to Pearl's Jasmine field in Thailand. I remember it well because I was working in Thailand at the time. Obviously whoever wrote this garbage did not attempt to fact check anything.

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Correction to the final rate for the original Buffalo development : See Page 9 of the CVN announcement 17 Dec 2020 : In the attached presentation : "The field was producing at 4,000 bopd prior to decommissioning"

CVN Price at posting: 28.0¢ Sentiment: Buy Disclosure: Held
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