Origin Energy has acquired Woodside Petroleum's 62.5% interest in the VIC/P37 exploration permit off the southwest Victorian coast for $13.6 million. The permits contain the Halladale and Black Watch gas and condensate fields, and the acquisition provides Origin with 100% ownership of the permit.
The company said that Halladale and Black Watch are located four to five kilometers offshore and may be accessed via extended reach drilling from onshore. This would provide an economic means of tying the field into either new or existing pipelines and plant infrastructure in the area.
Grant King, managing director of Origin, said: The purchase provides Origin, as 100% owner and operator, with the ability to undertake the necessary exploration and potential development activity to bring this small but valuable gas and liquids resource to market.
Securing Halladale and Black Watch complements Origin’s integrated portfolio strategy and provides added flexibility in managing its southern gas requirements. The anticipated reserves will be used to support Origin’s existing gas retail business and the proposed Mortlake power station.