Origin Energy has entered an agreement that will enable its wholly owned subsidiary Lattice Energy to acquire Benaris International's 27.77% interest in the Otway Gas Project Joint Venture.
Origin is the operator of Otway Gas Project, holding a 67.23% stake in the project, while the remaining 5% interest is owned by Toyota.
Go deeper with GlobalData
The acquisition also includes Benaris' 29.23% interest in the neighbouring T/30P Exploration joint venture and VIC/P43 JV.
Under the transaction, Origin will pay Benaris A$190m ($152.76m) after completion of the acquisition.
Following the acquisition, Lattice Energy’s interest in the Otway Gas Project Joint Venture will increase to 95% and to 100% in the two exploration JVs.
The acquisition is expected to close after the sale of Lattice Energy and is subject to other certain closing conditions.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataOrigin reserves the right to acquire the assets but will have no obligation if the Lattice Energy sale does not proceed.
Under a separate agreement, Lattice will pay Benaris $60m ($48.24m) for 11.89 quadrillion joules of reserves to rebalance the share of gas between the joint venture parties concerning the historical production at Otway.
The Otway project comprises offshore gasfields Thylacine in Tasmania and Geographe, Victoria.
Gas and liquids from the fields are recovered using an offshore platform and delivered through a pipeline to the onshore processing plant at Port Campbell, Victoria.
