BHP To Sell Victorian Minerva Gas Plant
Australian Cooper Energy and its joint venture partners in the Casino Henry project in Victoria’s Otway Basin have agreed to acquire BHP’s 90% interest in the 150 terajoules (4mn m3) per day Minerva Gas Plant, Cooper said May 1.
“The Minerva Gas Plant is one of three gas processing plants located onshore Victoria that are currently processing gas from the offshore Otway Basin. Our analysis indicates that the plant can offer a highly competitive processing option for gas from Casino Henry and other gas fields in the region,” Cooper managing director David Maxwell said.
After completion of the transaction, Cooper will hold a 50% interest in the gas plant and AWE and Mitsui E&P will each have 25% stakes. Ownership of the offshore Minerva gas field and offshore gas pipeline will be unaffected by the deal, with BHP retaining its 90% interest as well as operatorship and Cooper holdings its 10% stake.
The Minerva Gas Plant is about 5 km northwest of Port Campbell in Victoria. It was commissioned at the beginning of 2005.
“We foresee acquisition of the Minerva plant dovetailing with our exploration and development plans for the offshore Otway Basin. These plans include lifting production through the drilling of a development well on the Henry field and drilling for new gas reserves,” Maxwell said.
Price details of the deal were not disclosed.