OIL

Japanese major pays up for BMG stake

BASKER Manta Gummy partners Beach Petroleum and Anzon Australia have wrapped-up a $246 million fa...

This article is 17 years old. Images might not display.

The two Australian companies were paid $A123 million each, valuing the project at $1.23 billion.

The new participant in the joint venture is Cieco Exploration and Production (Australia), a wholly owned subsidiary of Itochu and a partner in Western Australia's Cliff Head oil development.

The BMG project was initially developed to produce oil from the Basker and

Manta fields, based on 23 million barrels of proved and probable (2P) reserves.

But new wells drilled in 2006 expanded the reserves base with 2P oil reserves now standing at nearly 40MMbbl, while an associated increase in the natural gas resource has nearly quadrupled gas-condensate resource estimates.

Up to six new wells are scheduled to be drilled in the fields, starting with Basker-6 early in 2008.

TOPICS:

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

editions

Future of Energy Report: Nuclear Power in Australia 2024

Energy News Bulletin’s new report examines what the energy and resources industry thinks of the idea of a nuclear-powered Australia.

editions

ENB CCS Report 2024

ENB’s CCS Report 2024 finds that CCS could be the much-needed magic bullet for Australia’s decarbonisation drive

editions

ENB Cost Report 2023

ENB’s latest Cost Report findings provide optimism as investments in oil and gas, as well as new energy rise.

editions

ENB Future of Energy Report 2023

ENB’s inaugural Future of Energy Report details the industry outlook on the medium-to-long-term future for the sector in the Asia Pacific region.