Equally owned by Buru Energy and Mitsubishi, the Ungani field is estimated to have an initial production capacity of 1,250 barrels of oil per day (bopd) and would be increased up to 3,000bopd later this year.
The produced oil will be transported to the port of Wyndham with logistical support from trucking firm Fuel Trans.
The joint venture is considering exports to refiners in Southeast Asia through oil trading company Petro-Diamond Singapore.
The partners will utilize the project earnings for further oil exploration and to undertake the appraisal and development of unconventional gas resources in the Canning Super Basin, which is estimated to have higher potential for hydrocarbon reserves.
In an effort to further expand hydrocarbon reserves to more than 100 million bbl, the joint venture is also considering exploring prospects near the Ungani field.
The JV partners have recently spudded Praslin 1, as part of the 2015 conventional oil exploration program. Lying 15km from the Ungani, the field is the second being developed under the program.
