Vali JV gets nod to market gas
The Australian Competition and Consumer Commission (ACCC) has granted authorisation to Vali joint venture comprising Vintage Energy, Metgasco and Bridgeport to enter into joint gas marketing arrangements, Vintage said on May 13.
Vali field is located in the Cooper/Eromanga basin in Queensland. None of the parties currently produce or sell natural gas. The field was discovered in January 2020, when a well encountered a gas pay in Nappamerri, Toolachee and Patchawarra formations.
|
Advertisement: The National Gas Company of Trinidad and Tobago Limited (NGC) NGC’s HSSE strategy is reflective and supportive of the organisational vision to become a leader in the global energy business. |
“The ACCC considers that joint marketing is likely to result in public benefits by enabling earlier development of the Vali field to bring this new gas supply to the market sooner," ACCC chair Rod Sims said.
The ACCC’s authorisation enables the parties to jointly market gas produced from the Vali field for five years and, within this period, to enter into gas supply agreements with customers for terms of up to 15 years.
“Current estimates suggest the annual production from the Vali field will be approximately 0.5% of the annual domestic gas demand in the east coast market. Given the small amount of gas relative to the size of the overall market, this proposed joint marketing is unlikely to adversely affect competition,” Sims added.
Vintage Energy operates the Vali field and holds 50% interest in the ATP 2021 joint venture. Metgasco and Bridgeport each hold 25% interest.
In January this year, the ACCC granted interim authorisation to allow the parties to begin jointly marketing and entering into conditional gas supply agreements with customers for the sale of gas from the Vali field and supplying minor quantities of gas to customers for a short period until December 31, 2021.