HPCL unit buys stake in Australian fields

Our Bureau Mumbai | Updated on January 28, 2014 Published on January 28, 2014

Prize Petroleum, a wholly-owned subsidiary of Hindustan Petroleum Corporation Ltd (HPCL), has acquired stakes in two Australian hydrocarbon fields for 85 million Australian dollars.

The company said in a statement that it has entered into an agreement with Sydney-based AWE Ltd to acquire 11.25 per cent stake in T/L1 area and 9.75 per cent interest in T/18P area.

The T/L1 field includes Yolla producing field and BassGas infrastructure and T/18P has Trefoil development field. Both the fields are located in shallow water in Bass basin between mainland Australia and Tasmanian offshore area.

In addition to the field, the acquisition will also entail a stake in offshore platform, gas processing plant and a 147-km sub-sea pipeline. Production from Yolla mainly comprises natural gas, LPG and condensate (a low-density mixture of hydrocarbon liquids).

The fields are operated by Origin Energy and held by a consortium in which Origin, AWE and Toyota Tsusho are the major partners.

Published on January 28, 2014
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