Cooper Energy has completed the previously announced divestment of the Orbost gas processing plant in Australia to APA Group.
The development follows the parties signing an agreement wherein APA Group agreed to purchase, upgrade and operate the Orbost Gas Plant in order to process natural gas from the Sole gas field.
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The total value of the transaction was estimated to be around A$270m ($208.18m).
Cooper Energy managing director David Maxwell said: “The Orbost gas plant transaction has brought Australia’s largest gas infrastructure company to the Gippsland Basin, which has been the largest supplier of gas to the south-east Australian domestic gas market.
“We see further opportunities for the plant beyond Sole, whereby Orbost will be a gas hub for other fields, including our Manta gas resource.”
Pursuant to the agreement, the Orbost plant is expected to process gas from Cooper Energy’s Manta gas field and other gas fields.
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By GlobalDataAccording to the company, the total cost of the project is expected to be A$605m ($464m), including A$250m ($191m) for the onshore project being conducted by APA and A$355m ($272m) for the offshore development.
Located around 375km east of Melbourne on the Victorian east coast, the Orbost plant will be connected to the Sole gas field through a sub-sea pipeline and control umbilical.
With drilling of production wells set to commence in March next year, supply from the Sole gas field to south-east Australia is slated for 2019.
