AWE, Japan's Mitsui to Jointly Bid for Origin's Perth Basin Gas Assets

AWE and Japan’s Mitsui together are reportedly interested in bidding for Origin Energy’s stake in Perth Basin gas assets.

According to Australian Financial Review (AFR), final bids are due in three weeks for Origin's stake. Transerv Energy has already confirmed its interest in sale process.

AFR revealed that Quadrant Energy is also participating in the auction. 

Accoring to Origin’s website, the Perth Basin assets include a stake in the producing Beharra Springs gas field as well as an interest in the Waitsia project. AWE already hold 50 percent stake in the Waitsia project along with Origin.

In September last year, Origin stated that in order to lower debt, strengthen the balance sheet and reduce reliance on distributions from Australia Pacific LNG, it plans to reduce the company’s dividend for FY2016 and FY2017, make further reductions in capital expenditure and sell non-core assets. 

AWE and Mitsui have worked together earlier as well. The two were partners in New Zealand's producing Tui oil project. In October 2013, Mitsui sold its 35 percent stake in the project to AWE, New Zealand Oil & Gas and Pan Pacific Petroleum.