3D Energi has announced a significant step forward in its gas commercialisation strategy for the Otway Basin.
The company has entered into a right of first refusal (ROFR) deed with ConocoPhillips Australia (COPA) regarding the sale of its future gas production from the VIC/P79 and T/49P exploration permits.
This agreement provides 3D Energi with a mechanism to achieve market parity pricing while giving COPA first access to the gas.
Noel Newell, Executive Chairman of 3D Energi, said the finalisation of this agreement will reinforce the Joint Venture’s commitment to fast tracking commercialising any discoveries from the upcoming drilling program.
“The joint venture is aligned in aiming to bring gas to market in the shortest timeframe achievable at a time when new gas supply is desperately need on the Australian East Coast,” he said.
The joint venture, in which 3D Energi holds a 20 per cent participating interest, has previously signed a two-well drilling contract for a 2025 exploration program, with the potential for additional drilling.
The contracted semi-submersible drilling rig, Transocean Equinox, is expected to arrive in the Otway Basin during the first quarter of 2025.
Currently, an environmental plan proposing seabed surveys and the drilling of up to six exploration wells is under assessment by the National Offshore Petroleum Safety and Environmental Management Authority .
3D Energi has outlined three main exploration fairways across the VIC/P79 and T/49P portfolios, each playing a crucial role in the company’s commercialisation strategy.
These areas include a central zone characterised by good quality 3D seismic data and proximity to existing infrastructure, a northern area requiring additional 3D seismic surveys, and a southern frontier area with promising Direct Hydrocarbon Indications.
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