• 4 minutes The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 2 days European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 1 day "How Long Will The Epic Rally In Energy Stocks Last?" by Tsvetana Paraskova at OILPRICE.COM
  • 4 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days Demonising fossil fuels has caused major grid problem in Australia
  • 5 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 7 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 331 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 9 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Australian AWE Downsizes in Tasmania

Australian oil firm AWE has sold down its interests in the Bass basin offshore northern Tasmania for $74 million in cash to the Indian Prize Petroleum, the upstream arm of state-run refiner Hindustan Petroleum (HPCL).

The shallow water fields are located in the Bass basin between mainland Australia and Tasmania. Origin Energy is the operator of the fields where AWE and Toyota Tsusho are major partners.

Prize Petroleum will acquire 11.25% stake in T/L1 license, which includes the Yolla producing field, and purchase a 9.75% stake in T/18P permit, including Trefoil development field in Australia.

Prize Petroleum is a wholly owned upstream subsidiary of the major Indian refining and retail combine Hindustan Petroleum Corp. Ltd., which is headquartered in Mumbai.

Related article: This Commodities Giant Is A Growing Power in Natgas

Prize Petroleum will also have a stake in gas infrastructure including an offshore platform, gas processing plant and a 147 km subsea pipeline.

The company will receive $70.1 million upon completion of the sale with a further $4.38 million deferred payment payable upon meeting the following conditions: $2.19 million on completion of the BassGas Mid Life Enhancement (MLE) project what includes drilling of two development wells and installation of gas compression and $2.19 million if the MLE project costs do not exceed an agreed threshold.

AWE says the sale will release capital from the BassGas asset and strengthen the company’s financial position as well as reduce its exposure to capital commitments for the final stages of the MLE work.

“Our remaining 35 percent interest in BassGass is an appropriate holding in this non-operated asset and maintains our voting rights at a level that provides control over major investment decisions,” he said.

The deal is subject of government approval, including from the Australian Foreign Investment Review Board and Reserve Bank of India.

By. Charles Kennedy of Oilprice.com


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News