Japan's Osaka Gas acquires stakes in several gas fields in Timor Sea

Jul 12, 2000 02:00 AM

Japan's Osaka Gas is buying a 10 % stake in several gas and condensate fields in the Timor Sea from Woodside Energy and Shell Development (Australia), Woodside said. The deal improves Woodside and Shell's chances of developing their northern Australia gas assets on a commercial basis, Woodside said.
Osaka Gas will buy shares in the Sunrise, Sunset and Troubadour (Greater Sunrise) and Evans Shoal gas and condensate fields. Woodside will receive $ 67.2 mm for its holdings.
Jeff Schneider, director of Australian gas for Woodside, said the sale fits with the companies' plan to find strategic partners for the venture. He said in a written statement that Osaka Gas has significant gas distribution and marketing knowledge in Japan, as well as being a large potential gas customer.

The Evans Shoal field is estimated to contain 6.6 tcf of gas and 31 mm barrels of condensate. The Greater Sunrise fields are believed to hold 9.16 tcf of gas and 321 mm barrels of condensate.
Woodside and Shell planto begin developing the assets by supplying gas to the Northern Australia market starting in 2005. Methanex, the world's largest natural gas producer, has given Woodside and Shell a letter of intent to buy gas for a synthesis gas plant near Darwin.
Synthesis gas can be used as a feedstock for chemicals and fuels. The companies are also considering a LNG production facility. Phillips Petroleum and Timor Sea Petroleum also have stakes in some of the Timor Sea fields. They have the right to buy the assets Woodside and Shell hope to sell to Osaka Gas.

Source: Bridge News via Newspage
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