Beach Energy has signed agreements to acquire Toyota Tsusho’s interests in the Otway gas project (OGP) and BassGas project off the coast of south-east Australia.

Under the agreements, Beach will acquire Toyota Tsusho’s 5% stake in OGP and 11.25% stake in BassGas project.

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Through the acquisition of OGP, Beach will have rights over production from the Thylacine and Geographe offshore gasfields, the Thylacine wellhead platform, and  onshore Otway gas plant.

In addition to the Yolla offshore gasfield, the BassGas pipeline, and onshore Lang Lang gas plant, the BassGas project comprises exploration permits and retention licences.

Beach Energy CEO Matt Kay said: “The acquisition of Toyota Tsusho’s interests in the Otway and BassGas projects is of strategic benefit to Beach.

“Full ownership of the Otway Gas project delivers additional flexibility and control over future work programmes.

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“The acquisition of Toyota Tsusho’s interests in the Otway and BassGas projects is of strategic benefit to Beach.”

“It also allows the potential introduction of new joint venture partners and ensures efficient management of joint venture and other commercial arrangements.”

Once Beach completes the previously announced $1.58bn acquisition of Lattice Energy, which brings with it Benaris’s 27.77% interest in OGP, the company will hold a 100% interest in OGP, a 53.75% interest in BassGas producing assets, and 50.25% in BassGas exploration permits.

The company expects full ownership of OGP will allow it to optimise future work programmes efficiently.

Currently, the OGP gasfields are supplying around 100TJ/d into the Victorian gas market as well as 2,500boe/d of LPG and condensates.

In addition, the OGP infrastructure processes gas from Lattice Energy’s wholly owned Halladale and Speculant gasfields.