OMV increases share in Sole gas field by 5%
Posted: 20 August 2004
- OMV share of Sole gas field in Australia rises from 35% to 40%
- Santos Limited increases share in Sole and P atricia Baleen gas fields to 50%
OMV, the leading oil and gas group in Central Europe, has reached an agreement to increase its share in the Sole gas field in the offshore Victoria Basin/Australia, which it operates through its wholly owned subsidiary Basin Oil P ty. Ltd. Basin Oil has agreed to obtain from Trinity Gas Resources P ty Ltd (TGR) an additional 5% interest in the Sole gas field, raising its share to 40%.
Basin Oil will earn its 5% additional equity in the Sole gas field by meeting certain development costs on behalf of TGR, if and when the Sole joint venture participants proceed to develop this gas resource.
As a result of a parallel arrangement between TGR and Santos Limited, TGR’s equity in both Sole and P atricia Baleen will decrease to 10% and Santos will increase its interests in both fields to 50%. The joint venture participants will then hold the same interests in both P atricia Baleen and Sole, aligning their interests for future development and ongoing operations.
The Sole gas field is located in block VIC/RL3, 45 kilometres off the Victorian coast, the P atricia Baleen gas field is located in block VIC/L21, 20 kilometres off the Victorian coast in the Gippsland Basin.
For more information see
http://www.omv.com
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
