Australia's Origin Energy doubles stake in Beetaloo shale gas field
SYDNEY (Reuters) -- Australia's top energy retailer, Origin Energy, said on Friday it doubled its stake in the Beetaloo Basin shale gas field in Australia's Northern Territory.
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| Photo Courtesy of Reuters. |
The company said it increased its share in the undeveloped prospect to 70%, after purchasing a 35% share from Sasol Petroleum Australia Ltd. It did not disclose a purchase price and said the transaction is subject to "certain conditions," without elaborating.
"It is not expected to impact on Origin's short-term focus on debt reduction as there are no immediate capital requirements in the Beetaloo," Origin said in a statement.
In February, Origin said it estimates contingent resources in the field to be 6.6 Tcf. But its extraction depends on the Northern Territory government lifting a ban on hydraulic fracking. The government is reviewing the ban but has set no deadline for making a decision.
Origin last week reported soaring gas revenues, thanks to a sharp rise in sales, as a supply crunch in Australia pushes prices higher.
Falcon Oil and Gas Australia owns the remaining 30% of the JV.
Reporting by Tom Westbrook; Editing by Richard Pullin
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