The Australian Government has renewed its Major Project Status to the West Seahorse Project, which aims to develop an important oil reservoir off the coast of Victoria.
Major Project Status means the proponent, Carnarvon Hibiscus Pty Ltd, will get help coordinating Commonwealth approvals required to proceed with the project.
The status was granted under the Department of Industry, Innovation and Science’s Major Project Facilitation programme.
The West Seahorse Project is located 14km from Ninety Mile Beach, off the Gippsland coast.
Carnarvon Hibiscus Pty Ltd will invest $140 million, with a further $100 million invested over the project’s operational life.
It expects to initially produce approximately 12,000 barrels of oil per day over an estimated six year period.
The project may potentially unlock similar small stranded assets that have been undeveloped in the Gippsland basin, opening up further revenue and investment opportunities in the region.
Direct employment is estimated at 100 full-time positions during drilling and installation activities and 30 full time positions during the project’s operational phase.
The Major Project Facilitation programme is administered by the Major Projects Facilitation Agency.
Further information is available at www.mpaa.gov.au