PERTH (miningweekly.com) – Australian oil and gas producer Origin Energy has increased its shareholding in the Beetaloo joint venture (JV), after acquiring a further 35% stake from partner Sasol Petroleum Australia.
Located about 500 km from Darwin, in the Northern Territory, the three Beetaloo JV permits cover more than 18 500 km within the Beetaloo basin.
“The Beetaloo basin is the Northern Territory’s most prospective onshore basin for shale gas and our test results estimate the JV contingent resource at a substantial 6.6-trillion cubic feet of natural gas,” said Origin CEO Frank Calabria.
“Recent events have demonstrated how crucial it is for Australia to continue to develop its abundant natural gas resources in order to provide access to sufficient, affordable gas supply or businesses and homes across the nation.
“As one of the largest natural gas producers on the east coast, Origin will continue to look at opportunities to invest in the safe and responsible development of natural gas resources, such as those in the Beetaloo basin,” said Calabria, adding that gas will play an important role in the transition to a secure, affordable and cleaner supply of energy for Australia.
The details of the transaction remain confidential, but Origin noted that it was not expected to impact the company’s short-term focus on debt reduction, as there was no immediate capital requirements at the Beetaloo JV tenements.
The remaining 30% of the project is held by Falcon Oil & Gas Australia.