Comet Ridge signs MoU at Mahalo North
PERTH (miningweekly.com) – Natural gas developer Comet Ridge has inked a memorandum of understanding (MoU) with ammonia producer Orica on potentially signing a long-term gas offtake agreement at Comet Ridge’s Mahalo North gas project.
Under the MoU, the parties will commit in the coming months to progressing an initial gas sales agreement and development funding structures through term sheet and binding documentation phases.
A key element in the development of Mahalo North, and a condition of the commercial arrangements with Orica, will be finalising infrastructure access to connect Mahalo North to the Queensland Gas Pipeline (QGP).
Comet Ridge said on Tuesday that its recently announced MoU with Jemena would provide one option for a pipeline connection into the QGP, as well as providing for gas haulage arrangements via the QGP into Gladstone.
“Following our very successful production test from Mahalo North last year, followed by 2P and 3P gas reserves certification in November, we have had a lot of inbound interest for gas sales from our Mahalo Hub projects,” said MD Tor McCaul.
“We are very pleased to be forming this long-term relationship with a blue-chip gas buyer, with a strong gas market reputation, in Orica. Orica’s Yarwun project is close to the Mahalo Gas Hub and will operate well into the future, given the enormous need for natural gas for manufacturing for the next several decades. We welcome Orica alongside CleanCo, as high-quality foundation customers for Comet Ridge.”
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