Mereenie partners given marketing approval
PERTH (miningweekly.com) – The Australian Competition and Consumer Commission (ACCC) has given ASX-listed Central Petroleum and fellow listed Macquarie Mereenie approval to jointly market gas from the Northern Territory.
The two companies have been authorized to market gas produced from the Mereenie field for a period of three years, under contracts with common terms and conditions, including price.
“Joint marketing allows further conventional gas in the Mereenie field to be developed sooner than it otherwise would. This will mean more gas is available for customers in the Northern Territory and Mount Isa regions,” said ACCC chairperson Rod Sims.
“Separate marketing of gas generally results in more competitive outcomes. However, Central and Macquarie are likely to face competition from current and potential rival suppliers of natural gas when supplying commercial and industrial customers in the region.
“This competition will likely prevent any attempts by Central and Macquarie to offer their gas at higher prices or on less flexible terms,” Sims said.
The joint venture partners recently agreed to limited drilling at the Mereenie gasfield and an immediate A$12-million upgrade to the processing plant, which will increase the capacity from the current 25 TJ/d to 63 TJ/d. Some 58 TJ/d of this will be sold as gas, without adversely affecting current crude oil production.
During the period of joint marketing, the two companies intend to develop new reserves at Mereenie, estimated at between 110 PJ and 185 PJ.
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