Woodside takes reins of Australia’s oldest gas | Australian Markets
Woodside Energy has taken the reins of Bass Strait’s ageing gas fields, paving the way in which for new development of east coast Australia’s oldest vitality producer.
By assuming working control from ExxonMobil, Woodside takes accountability for the Bass Strait gas manufacturing property, Victoria’s Longford gas plant and the Long Island gas liquids processing facility and related infrastructure.
The company’s equity shares in Bass Strait stay unchanged, however Woodside mentioned the change of operator would hasten the potential development of 4 new wells that might provide one other 200 petajoules of gas to the east coast gas market.
Bass Strait has been an vitality mainstay since oil and gas was first produced within the late Nineteen Sixties.
Oil manufacturing was discontinued final yr, but it surely nonetheless produces up to 700 terajoules a day, or 40 per cent of east coast gas demand, via the Longford and Long Island plants.
Woodside, which picked up the Bass Strait pursuits in its acquisition of BHP Petroleum in 2021, mentioned the change “creates flexibility” to solo develop alternatives that meet its investment targets.
BHP and ExxonMobil have equal shares in Bass Strait’s Gippsland three way partnership and respective 32.5 per cent and 67.5 per cent stakes within the Kipper gas project.
The corporations nonetheless share accountability for decommissioning the Bass Strait infrastructure.
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