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India’s HPCL acquires 21 per cent stake in Australian gas assets

29th January 2014

HPCL subsidiary signs USD 75m deal with AWE to acquire 11.25 per cent stake in T/L1 permit and 9.75 per cent stake in T/18P permit in Australia

The fields are located in shallow water in Bass basin between mainland Australia and Tasmania

India’s Hindustan Petroleum Corporation’s (HPCL) wholly-owned subsidiary, Prize Petroleum Company, has signed a sale purchase agreement with AWE to acquire 21 a per cent stake in Australian gas assets.

Prize Petroleum will invest USD 75m to acquire an 11.25 per cent stake in the T/L1 permit and a 9.75 per cent stake in the T/18P permit. The T/L1 permit including Yolla producing field and BassGas infrastructure, and T/18P permit including Trefoil development field are located in shallow water in Bass basin between mainland Australia and Tasmania offshore Victoria.

“In addition to the field, the acquisition will also entail a stake in offshore platform, gas processing plant and a 147km subsea pipeline. Production from Yolla mainly comprises of gas, LPG and condensate,” HPCL announced in a written statement on Tuesday.

The fields are currently operated by a consortium including AWE, Origin Energy and Toyota Tsusho. Bruce Clement, managing director at AWE, said: “The sale of an 11.25 per cent interest in BassGas is another successful strategic initiative for the company and is an excellent outcome for AWE.”

AWE in joint venture with Australia’s WHL Energy has a 60 per cent stake in La Bella gas field in the Otway basin. The company had signed a contract with CCG Services to conduct 3D seismic survey in October 2013.

 

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