Sasol Nabs 30% Interest from JV's Exploration Permit Offshore Australia
Oilex Ltd., as Operator of Exploration Permit WA 388P, has advised that on August 12, 2008, the Joint Venture entered into a Farmout Agreement under which each party will assign a 6% participating interest in the Permit to Sasol Petroleum Australia Ltd. In return for its 30% participating interest, Sasol has agreed to bear 60% of certain costs associated with the acquisition of approximately 1,064 km2 of 3D seismic data in the Permit. The assignment is subject to obtaining necessary Government approval and registration.
The participating interests in the Permit before and after the assignment takes effect are as follows:
Joint Venture Party Existing Participating and Participating Interest after Interest Assignment
- Oilex Ltd, Operator 20%; 14%
- Hindustan Petroleum Corporation 20%; 14% Limited
- Gujarat State Petroleum Corporation 20%; 14% Limited
- Bharat PetroResources Limited 20%; 14%
- Videocon Industries Limited 20%; 14%
- Sasol Petroleum Australia Ltd 0%; 30%
Background: WA 388P is located in the outer Carnarvon Basin, offshore Western Australia and was awarded to the Joint Venture in August 2006 under a competitive offshore licensing round. The work commitment in the primary term of the license is for seismic reprocessing which has been completed and a 3D seismic survey which will be met in full on completion of the Rose Survey, anticipated to start within the next 10 days using the vessel Geowave Champion.
- ExxonMobil Racks Up Discoveries in Guyana Block Eyed by Chevron
- Oil Market Sentiment Has Improved Significantly
- EU, US Eye Collaboration on Nuclear Materials
- USA Driving Activity to Increase to All-Time Highs
- TC Energy to Sell Prince Rupert Gas Pipeline Project to First Nation
- EU Electricity Export to Ukraine Up 94 Percent in Two Years
- China Coal Output Falls for First Time since Government Ordered More
- BP Pulse Buys One of Europe's Largest Truck Stops
- UK CCUS Plans Outdated: Think Tank
- North America Enters Rig Loss Streak
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension