(Source: Shutterstock.com)
TotalEnergies and INPEX have reached an agreement to acquire Thailand’s PTT Exploration and Production Public Co. Ltd. (PTTEP) 100% interest in the AC-RL7 permit in Australia. TotalEnergies will acquire a 26% interest in the permit in line with its equity in Ichthys LNG, while INPEX will acquire the remaining 74% and operatorship of the permit.
Financial terms were not disclosed.
The AC-RL7 permit encompasses an area of approximately 160 sq miles in the Timor Sea, 155 miles northeast of the Ichthys offshore facilities. This permit includes both the Cash and the Maple gas and condensate fields, which have been appraised by several wells since their discoveries. The development of these fields is expected to contribute to the long-term supply of the Ichthys LNG natural gas liquefaction plant.
“Thanks to this joint acquisition together with our partner INPEX, we are pleased to secure additional resources for the future supply of the Ichthys LNG plant,” said Julien Pouget, Senior Vice President of Asia-Pacific, Exploration & Production at TotalEnergies. “These resources will help us to meet the long-term demand of our customers in the Asia-Pacific region for LNG.”
The terms of the agreement are subject to approval by the relevant authorities.
Recommended Reading
ConocoPhillips Hits Permian, Eagle Ford Records as Marathon Closing Nears
2024-11-01 - ConocoPhillips anticipates closing its $17.1 billion acquisition of Marathon Oil before year-end, adding assets in the Eagle Ford, the Bakken and the Permian Basin.
Sheffield: E&Ps’ Capital Starvation Not All Bad, But M&A Needs Work
2024-10-04 - Bryan Sheffield, managing partner of Formentera Partners and founder of Parsley Energy, discussed E&P capital, M&A barriers and how longer laterals could spur a “growth mode” at Hart Energy’s Energy Capital Conference.
Utica Oil E&P Infinity Natural Resources Latest to File for IPO
2024-10-05 - Utica Shale E&P Infinity Natural Resources has not yet set a price or disclosed the number of shares it intends to offer.
After BKV’s IPO, Is Market Open to More Public SMID Caps?
2024-10-03 - The market for new E&P and energy IPOs has been tepid since the COVID-19 pandemic. But investor appetite is growing for new small- and mid-sized energy IPOs, says Citigroup Managing Director Dylan Tornay.
SLB Earnings Rise, But Weakened 4Q and 2025 Ahead Due to Oil Glut
2024-10-22 - SLB, like Liberty Energy, revised guidance lower for the coming months, analysts said, as oilfield service companies grapple with concerns over an oversupplied global oil market.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.