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North west shelf discoveries boost Australian economy



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MINISTER FOR RESOURCES ALAN GRIFFITHS MP

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PIE91/9S 30 March 1991

lOST AUSTRALIAN ECONOMY NORTH WEST SHELF DISCOVER!

A new petroleum production licence was today offered over the offshore Cossack oil field on the North West Shelf.

Announcement of the offer was made jointly by the Western Australian Minister for Mines, Gordon Hill, and the Federal Minister for Resources, Mr Alan Griffiths.

The development of the field, together with potential developments at the nearby Wanaea oil discovery, and the Griffin oil discovery to the south-west, have dramatically altered the perception of the North West Shelf.

"It is no longer considered to be gas prone, but is now a major new oil province. These three fields have the potential to hold over 450 million barrels of oil and will make a significant contribution to the Australian economy," Mr Griffiths said.n

Based on an oil price of about $25 per barrel, aggregate production will yield about $2000 million in gross exports or import replacement revenue, and will make a significant contribution to the Australian economy.

Mr Griffiths noted that, without the sustained effort put into exploration in this area over a number of years, these important discoveries would not have been made.

"It is crucial, for all Australians, that we continue to make these discoveries and not allow the exploration effort to lapse," Mr Griffiths said.

Mr Hill said the new developments would firmly establish Western Australia as a major oil producer in both national and international terms.

The licence (WA-9-L) has been offered to a joint venture comprising BHP Petroleum (North West Shelf) Pty Ltd, Woodside Petroleum Development Pty Ltd, Woodside Oil Ltd, Mid-Eastern Oil Ltd, Shell Development (Australia) Pty Ltd, BP Developments Australia Ltd, Chevron Asiatic Ltd and Japan Australia (MIMI)

Pty Ltd.

Cossack oil field was discovered in 1989 by the Joint Venturers in the course of exploring permit WA-28-P. It is estimated to have recoverable reserves of 88 million barrels of crude oil.

INFORMATION: Mr Hill's office, Arthur Hanlon 09 222 9595 Mr Griffiths' office, Lisa Amor 06 277 7480

Parliament House Canberra ACT 2600

Phone: (06) 2777480 Fax: (06)2734154