Woodside Petroleum Ltd said it will proceed with its Enfield oil development off the coast of Western Australia following the final investment decision by the Woodside Board to invest $A1.48 billion in the project. The Enfield Project is in permit WA-271-P, about 40km north-west of the North West Cape in Western Australia. Enfield has reserves of more than 125 million barrels of oil. Woodside holds 100 per cent of the permit and is operator. Woodside's Oil Business Unit Director, Dr Duncan Clegg, said the Boards decision was the most significant milestone so far in the development of Enfield. "We now have all of our major environmental, government and project approvals in place and are well positioned to bring the field into production by the fourth quarter of 2006," he said.