Puffin Oil Field
AC/P22 and AC/L6
Norwest Energy NL 1.25% ORRI
The Puffin Oil field, located in Production Licence AC/L6 and Exploration Permit AC/P22 is situated in the commonwealth waters of the southern Timor Sea. Norwest holds a 1.25% overriding royalty interest (ORRI) which covers the entire AC/P22 permit and any production derived within the bounds of the permit. The ORRI entitles Norwest to a gross royalty on all revenue derived from sales of hydrocarbons without deduction of operating costs.
OIl production from the Puffin Field ceased in 2009. Norwest still holds the ORRI on any future production, however this is unlikely as operator Sinopec surrendered the permit in Q3 2014, and the AC/L6 petroleum produciton licence ceased to be in force with effect from 21 April 2015.
Figure 1. Puffin Field location