May 19, 2020

Woodside gets approval for $2.57 billion Greater Enfield oil development

Offshore oil Australia
Woodside Petroleum Limited
Mitsui and Co
Woodside Mitsui partnership
Enterprise Monkey
1 min
Woodside gets approval for $2.57 billion Greater Enfield oil development

Perth’s Woodside Petroleum Limited and Japanese trading firm Mitsui & Co Limited have announced that their joint Greater Enfield oil reserves project, worth AU $2.57 billion, has been approved for development.

The recoverable reserves of the project’s three oil fields — Laverda Canyon, Norton over Laverda and Cimatti — are estimated at 69 million barrels of oil equivalent.

Woodside has said that the project, located about 60 kilometres off Exmouth, will be produced via a 31 kilometre subsea tie-back to the floating production storage and offloading (FPSO) facility, deployed at the Vincent oil field.

Peter Coleman, Woodside’s Chief Executive, told Reuters: "With development costs of less than $28 a barrel, Greater Enfield is an attractive project in a low-price environment."

The Greater Enfield Project includes the development of six subsea production wells and six water injection wells, with an aim to start oil production around mid-2019.

“We have achieved investment spend at the low end of our guidance range by leveraging the latest technologies and using existing FPSO infrastructure,” Coleman said in a statement.

“This allows us to accelerate the development of previously stranded resources. Greater Enfield is a demonstration of our phased and sustainable approach to growth.”

Woodside will operate the project through its 60 percent stake, with Mitsui retaining its 40 percent stake.

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Jun 8, 2021

Timeline: India takes unicorn leap with six in five days

India
Unicorns
Startups
tech
Kate Birch
2 min
We chart an historic week in India’s startup tech industry, where from April 5-9 the country achieved six unicorns

We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.

April 5: Meesho

India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.

April 6: CRED

Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.

April 7: API Holdings / Groww

The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.

April 8: ShareChat

New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.

April 9: Gupshup

AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels. 

 

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