Eni in Blackwood takeover (Australia)

MEO Australia Limited has elected to withdraw from the Blackwood gas discovery off Australia at no cost, transferring that area of NT/P68 to Eni Australia Limited (Eni).

MEO says it will focus its technical efforts on the Heron Area over which it has a 100% Participating Interest.

Eni will transfer its 50% Participating Interest in the remaining area of the Permit to MEO. MEO has made this election after assessing that the Blackwood Area 2C Contingent Resource is below the threshold size required to support development of the Tassie Shoal Methanol Project.

In consideration for MEO agreeing to withdraw from the Blackwood discovery, Eni has agreed to take responsibility for, and bear all costs involved in the process of managing the future division of the Permit to facilitate separate ownership of the Blackwood and Heron resources. In the event that regulatory approval to divide the Permit on acceptable terms to Eni is not achieved, the entire Permit, will revert to MEO.

MEO’s MD and CEO Peter Stickland, commented on the announcement: “We have assessed that the Blackwood field is too small to underpin development of the Tassie Shoal Methanol Project and that the value of the resource to MEO is insufficient to warrant incurring further costs.

“Consequently, we are exercising commercial discipline by withdrawing from Blackwood and focusing our efforts on the Heron gas discovery.”

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply