ConocoPhillips’ hunt for gas offshore Australia continues as Asian firm jumps on the bandwagon

ConocoPhillips Australia (COPA), a subsidiary of the U.S.-based energy company ConocoPhillips, has found a new partner for exploring natural gas reserves in the Otway Basin off the Australian coast. The partnership with Korea National Oil Corporation (KNOC) marks a significant development in the ongoing gas exploration activities in the area.

The National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) has approved COPA’s proposed Otway Exploration Drilling Program (OEDP) for conducting offshore drilling off the coasts of Victoria and Tasmania. This program will involve seabed surveys and drilling activities for up to six exploration wells in VIC/P79 and T/49P offshore titles.

3D Energi, a Melbourne-based oil and gas exploration company, currently holds a 20% interest in the permits, with COPA owning the remaining 80%. Subject to regulatory approvals, KNOC will acquire a 29% interest in the permits, while 3D Energi will retain a 20% participating interest. COPA will continue to serve as the operator, with a reduced stake of 51%.

3D Energi’s Executive Chairman, Noel Newell, expressed optimism about KNOC joining the joint venture, highlighting the potential for significant gas discoveries in the permits. The collaboration aims to address future energy demands in Victoria and the broader East Coast starting from 2028. This partnership is expected to enhance the exploration program and strengthen the supply of domestic gas in Australia.