Arc Energy marks Hovea oil field as one of Australia's largest

Oct 28, 2002 01:00 AM

Oil and gas explorer Arc Energy has boosted Hovea field oil reserves and marked it as one of Australia's largest onshore fields. Arc Energy has estimated proven and probable West Australia's Hovea reserves at 9.4 mm barrels. Earlier Hovea proven reserves were pegged at 5.2 mm barrels, while possible reserves were estimated at 14.2 mm barrels.

Hovea is a joint venture between Arc and Origin Energy. The Hovea 3 well is currently producing around 2,000 bpd of oil, which is being trucked to Kwinana south of Perth for sale to BP.
The Hovea 4 development well is expected to be capable of high rates of production and to allow the joint venture to achieve its target production rates of 5,000 bpd by early next year.

Hovea 1 discovered oil in the Dongara Sandstone reservoirs in October 2001, flowing at rates of up to 1,800 bpd during production testing, while Hovea 2 discovered a new pool of gas that flowed at 16.5 mm cfpd of gas.

Source: Neftegaz.RU
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