The Fortescue-1 well drilled in the Gippsland Basin in June 1978 was a dry hole. However, results of detailed stratigraphic analysis together with seismic data provided sufficient information to predict the possible occurrence of a stratigraphic trap on the flank of the giant Halibut structure.Three months later the West Halibut-1 well encountered oil in the Latrobe Group 16 m below that depth carried as the original oil-water contact for the Halibut field. Following wireline testing in both the water and oil-bearing sandstone units, two separate pressure systems were recognised in the well. Three additional wells, Fortescue-2, 3 and 4, were drilled to define further the limits of the field, the complex stratigraphy and the hydrocarbon contacts.Integration of detailed well log correlations, stratigraphic interpretations and seismic data indicated that the Fortescue reservoirs were a discrete set of units stratigraphically younger and separated from those of Halibut and Cobia Fields. Analysis of pressures confirmed the presence of two separate pressure systems, proving none of the Fortescue reservoirs were being produced from the Halibut platform. Geochemical analysis of oils from both accumulations supported the above results, with indications that no mixing of oils had occurred.Because the Fortescue Field is interpreted as a hydrocarbon accumulation which is completely separated from both Halibut and Cobia Fields, and was not discovered prior to September 17, 1975, it qualified as "new oil" under the Federal Government's existing crude oil pricing policy. In late 1979, the Federal Government notified Esso/BHP that oil produced from the Fortescue Field would be classified as “new oil”.
Impacts of China's edible oil pricing policy on nutrition