Greater Poseidon – Browse Basin, Australia

The Greater Poseidon discovery is located in permit WA-315 covering over 800,000 acres (>3,200 square kilometers) in the Browse Basin offshore Australia which is operated by ConocoPhillips.

Seven (7) successful discovery wells have been drilled to date, resulting in the Poseidon Discovery with most likely contingent reserves (proved + probable) of 11 Tcf and 108 million bbls of condensate; the permits also contains an additional 10 prospects with unrisked resource potential of 19 trillion cubic feet of gas and 692 million barrels of condensate.

About the Browse Basin

The Browse Basin is located off the northwest coast of Western Australia covering approximately 140,000 square kilometers. This prolific basin contains some of the largest gas and condensate fields in all of Australia. The Browse Basin is one of the most active E&P basins in all of Australia with four (4) LNG projects currently projecting capital expenditures investments of over $75 billion.

Key Points

  • Opportunity to invest in a world class, vertically integrated oil and gas opportunity
  • ConocoPhillips as operator highly competent not only in upstream but LNG developments
  • Stable fiscal regime in Australia with a taxation system that favors large capital intensive projects
  • The Browse Basin continues to be one of the most prolific oil and gas basins in Australia
  • Poseidon discovery is one of the largest discoveries in Australia with a significant condensate component
  • Additional high quality, large prospects in addition to Poseidon to be drilled
  • Australia is going to be critical to meet global gas demand, particularly in Asia