TXU has agreed to purchase up to 293 petajoules (PJ) of gas from interest holders in the block, with an option to purchase, or an obligation to process, up to an additional 200 PJ, resulting in a possible gross contract quantity of up to 493 PJ. "This is a significant gas commercialization achievement for Santos, with an innovative contract catering for the monetization of future discoveries", said Santos Managing Director, Mr. John Ellice-Flint.
The Casino gas field is located offshore Western Victoria, approximately 40 kilometers from Port Campbell. Santos is the operator of the VIC/P44 permit in the Otway Basin.
The interest-holders in Vic/P 44 are Santos with 50%; Australian Worldwide Exploration with 25% and Mitsui with the other 25%.
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