Carnarvon Petroleum (ASX:CVN) is joining with Northern Oil & Gas Australia Pty Limited (NOGA) on a collaborative data sharing project.
Data covers the 100% owned Buffalo block (WA-523-P), and the nearby Corallina and Laminaria producing oil fields, where NOGA is the operator.
All of these exploration assets are based offshore in the Timor Sea.
NOGA, in the adjacent acreage, is rapidly changing the dynamics of its oil production operations.
Both parties believe that by working together they can enhance value in their respective operations.
NOGA is the owner of the Northern Endeavour floating production, storage and offloading (FPSO) facility located some 15 kilometres to the north-west of the Buffalo oil field.
The Northern Endeavour FPSO has processed over 200 million barrels of oil from the adjacent Corallina and Laminaria oil fields.
It is anticipated that similar upside and de-risking of drilling targets to that identified in the Buffalo field may also be unlocked using the same advanced seismic processing techniques.
Carnarvon and NOGA are co-operating to ensure that re-processing of the Laminaria 3D seismic results in a seamless high-quality 3D dataset over the Corallina, Laminaria and Buffalo fields, and Carnarvon’s experience over the Buffalo block will be used by NOGA to fast track their results.
By sharing the data over the Laminaria and Corallina fields, NOGA is able to assist in better understanding the potential available in the Buffalo oil field, and also guide the Carnarvon team on potential development opportunities.