PERTH (miningweekly.com) – ASX-listed Cooper Energy, in joint venture (JV) with AWE and Mitsui E&P Australia, has struck a deal with mining major BHP to acquire that company’s 90% interest in the Minerva gas plant, in Victoria.
Cooper Energy, which already holds a 10% interest in the gas plant, would hold a 50% interest following the transaction, with AWE and Mitsui each holding a 25% interest.
BHP will retain its 90% shareholding in the offshore Minerva gas field and gas pipeline, with Cooper Energy retaining its 10% interest in those assets.
Cooper Energy MD David Maxwell said on Tuesday that the completion of the transaction would secure a prime asset for the company and its JV partners, who also hold an interest in the Casino Henry gas project, and exploration acreage in the Otway Basin.
“The Minerva gas plant is one of three gas processing plants located onshore Victoria that are currently processing gas from the offshore Otway Basin. Our analysis indicates the plant can offer a highly competitive processing option for gas from Casino Henry and other gas fields in the region. Ownership of the plant has clear strategic merit and can significantly further enhance the economics of Otway Basin gas development and production.”
Maxwell said that the acquisition of the Minerva plant would also dovetail with Cooper Energy’s exploration and development plans for the offshore Otway Basins, which include lifting production through the drilling of a development well on the Henry field, and drilling for new gas reserves.
The Minerva gas plant is some 5 km from Port Campbell and has a processing capacity of 150 TJ/d, as well as hydrocarbon liquids processing facilities. The plant is connected directly to the SEAGas Port Campbell to Adelaide pipeline and to the South West pipeline, owned by the APA Group.