Santos has announced the sale of its Victorian gas assets to Copper Energy for $82 million, exiting from offshore Victoria.
Cooper Energy will receive a 50 per cent interest and operatorship of the Casino-Henry gas project; a 10 per cent interest in the Minerva gas field and gas plant in the Otway Basin; the remaining 50 per cent interests in Sole and Orbost Gas Plant in the Gippsland Basin – increasing their interest in both assets to 100 per cent; and a 100 per cent interest in the non-operating Patricia Baleen gas field and associated infrastructure.
Cooper Energy will also offer employment to the relevant Santos employees who are currently operating the Victorian gas assets.
David Maxwell, Cooper Energy managing director said, “[The acquisition] will transform Cooper energy by substantially increasing our production, further enhancing our gas reserves and resources for supply to south-east Australia and adding proven technical and project expertise.”
“In the near term, Cooper Energy will be repositioned within the oil and gas sector with a four-fold lift in its Australian production and nine-fold increase in Australian 2P reserves.”
The company also expects the agreement to lift is Australian 2P reserves from 1.3MMboe to 11.6MMboe.
Earlier in March, Santos sold its interest in the Kipper gas field for $520 million.