Phillips Advances Bayu-Undan Gas Development in Timor Sea
Phillips Petroleum Company has secured a significant agreement to proceed with the Bayu-Undan gas development project in the Timor Sea, alongside co-venturers. The project is poised to deliver three million tons per year of liquefied natural gas, with initial gas deliveries expected by late 2005.
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Phillips Petroleum has signed an agreement enabling the advancement of the Bayu-Undan project in the Timor Sea, which includes a commitment to develop an LNG facility near Darwin, Australia. A Heads of Agreement with Tokyo Electric Power Company and Tokyo Gas details a 17-year sale of LNG, starting January 2006.
The project is projected to cost around $3 billion and will utilize the Optimized Cascade LNG Process. The Bayu-Undan field holds approximately 3.4 trillion cubic feet of natural gas and 400 million barrels of condensate.
Final board approvals are anticipated soon, with formal commitments expected by Q3 2002. The project’s success hinges on Australian Government endorsement of the agreed fiscal regime.
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