94601 Oakland
Description of Southern Pacific Petroleum
Southern Pacific Petroleum N.L., along with its affiliate, Central Pacific Minerals N.L. (SPP/CPM), specializes in the discovery and commercial development of oil shale deposits. SPP/CPM has title to 10 oil shale deposits totaling more than 20 billion barrels of in-situ shale oil resources (17.3 billion barrels, net SPP/CPM interest) in central Queensland, Australia. In 1997, SPP/CPM commenced development of one of the 10 oil shale deposits, the Stuart deposit. Located approximately 15 kilometers northwest of the industrial port city of Gladstone, Queensland, on the east coast of Australia, the Stuart deposit contains approximately 2.6 billion barrels of oil shale resource. Oil production in 2002 totaled 324,000 barrels, a 39% increase from 2001. Oil product sales tripled in 2002 to 391,000 barrels, including inventory carried-in from 2001. These sales included 247,000 barrels of ultra-low sulphur and 144,000 barrels of light fuel oil.
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