Japan JV Acquires Stake in Sole Field Offshore Australia
Tokyo Gas Company and Mitsubishi Corp. have formed a joint venture to purchase a 30 percent stake in the Sole gas field off the southern coast of Australia. The stake was bought by Trinity Gas Resources Pty Ltd from OMV Australia Pty Ltd, whose share has been reduced to 35 percent, Tokyo Gas said. The remaining 35 percent is held by Santos Ltd.
Production of natural gas is expected to commence in 2005. Tokyo Gas expects to invest approximately $85.2 million in the project.
Tokyo Gas plans to process the gas from the Sole field, which has an estimated gas reserve of about five billion cubic meters, at a plant built for the nearby Particia Baleen gas project. The gas will be sold in Australia, and is not planned for export to Japan.
Tokyo Gas has a 25 percent interest in the joint venture, while Mitsubishi Corp holds the rest.
Most Popular Articles
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally