The oil field identified could provide 300 million barrels of crude oil. It’s the biggest find in decades in the country that are not strongly associated with oil.
A large oil fields were identified by the American company Apache at an exploration well off the West Australian coast. It reports Finwire. The field is estimated to hold up to 300 million barrels of crude oil and this makes finding the largest in Australia for decades.
“The oil and reservoir quality as we have seen points to a commercial discovery. If these results are confirmed by further appraisal drilling Phoenix South may come to represent a new petroleum province in Australia.” This says Thomas E. Voytovic, vice president and head of international operations at Apache.
The finding is timely, then Australia’s oil production last year fell by 17 percent. In 2013, production amounted only to 416 000 barrels per day, which is the lowest level we have seen since 1972, the country is in need of new sources of oil and the finding could be critical.
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