Cooper JV completes BHP's Minerva buy
PERTH (miningweekly.com) – ASX-listed Cooper Energy on Thursday completed the acquisition of mining major BHP’s 90% interest in the Minerva joint venture (JV), in Victoria.
Cooper Energy, in a JV with AWE and Mitsui E&P Australia struck an agreement with BHP in May last year to acquire the major’s interest in the Minerva gas plant, in which Cooper already held a 10% interest.
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.
Following the transaction with BHP, Cooper Energy will hold a 50% interest in the plant, with AWE and Mitsui each holding a 25% interest.
Cooper Energy on Thursday told shareholders that the Minerva plant has been acquired to process gas from the Casino, Henry and Netherby gasfields and from economic discoveries anticipated from exploration. The first new discovery, Annie, was made in September this year, and is currently the subject of analysis and modelling to determine resource size and development options using the Minerva plant.
Cooper Energy said that the connection of existing producing fields to the plant would deliver benefits including lower processing costs, improved recovery enabled by lower inlet pressure, and the ability to offer customers uninterrupted supply.
Planning for engineering work and construction work to connect Minerva to the Casino Henry gas gathering system is well advanced, and the project is expected to be completed by mid-2021, pending a final investment decision and approvals.
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