Roc's Victoria Gas Project On Sale

Roc Oil and partners in the Basker Manta Gummy (BMG) gas project off Victoria, Australia have started the process of selling the mothballed asset. Roc’s partners in the project include Beach Energy and Indonesia's Pertamina Hulu.

Mothballed for about a year, Basker Manta Gummy is thought to contain a 350 billion cubic feet gas resource, The West Australia reported.

Al the stakeholders in the project are hoping that rising east coast gas prices will spark significant interest for BMG, in the Gippsland Basin, the newspaper said.

Japan's Sojitz, which is a minority partner in BMG, is understood to not yet have agreed to a sale, although that should not impede the process, given it has a mandate from about 87 per cent of the project's owners.

Despite the fast-rising east coast gas price, BMG is no longer considered core for Roc and Beach, the West Australian said.