Posted on 31.07.2004 - 03:29 EDT in UPCOMING PROJECTS by ginamc
Life expectancy is just 51 years, child mortality high and less than half of Mauritanians finish primary school, according to the World Bank.
Chinguetti was discovered in 2001, and has proven and probable reserves of about 120 million barrels of oil.
Woodside, which started life as a small exploration firm in the mid-1950s, has a 53.85% controlling stake in the project.
Woodside chief operating officer Keith Spence said the terms of the deal with the Mauritanian government, which remain confidential, were "fair, reflecting the need to support and encourage an emerging oil province in deepwater West Africa".
The Chinguetti development will include six production wells, four water injection wells, and a gas injector well, attached to a permanently moored floating production, storage and offloading vessel situated in about 800 metres of water.
Mr Spence said Chinguetti would be the first production field Woodside would operate outside Australia.
"This is the busiest drill campaign for any one area in the company's history," he said.
He added: "Natural decline in field production is expected, and, depending in field performance, a second phase of drilling in Chinguetti is planned in the second (or) third year of production. The field life is expected to be eight years.
That second phase could cost another $150m he said.
Source: BBC News