Beach Completes Purchase of Toyota Tsusho’s Oz OGP, BassGas Stakes

Beach Energy has completed the acquisition of Toyota Tsusho’s interests in the Australian Otway and BassGas projects, Beach said June 26.

The move will take Beach’s interest in the Otway Gas Project (OGP) from 95% to 100% and from 42.50% to 53.75% in the BassGas Project. The Otway and Bass basins are each off the coast of the Australian state of Victoria. Both of the projects are operated by Beach.

Beach announced the agreement to acquire the interests in December last year. The purchase price is confidential, it said.

“Full control of OGP will allow Beach to optimise future work programs efficiently as it progresses with the next phase of activities in the region. The OGP gas fields are currently suppling approximately 100 TJ/d into the Victorian gas market as well as 2,500 boe/d of LPG and condensates,” Beach said at the time of making the agreement.

BassGas delivers about 60 TJ/d into the Victoria gas market, it added.