Beach Energy is set to enter Queensland’s Taroom Trough after securing acreage in this emerging oil and gas region alongside new partners Omega and Tri-Star.
Beach will hold a non-operator position (25 per cent) in Block 9, with ASX-listed Omega Oil and Gas Limited (45 per cent) and Tri-Star Group E&P Ltd (30 per cent). The block covers approximately 750km² of promising oil and gas territory that could contribute much-needed energy supplies for homes, industry and manufacturing on Australia’s East Coast.
Beach Managing Director and CEO Brett Woods said the company is excited about the opportunity to work alongside its new partners which are both established players with extensive local experience in the Queensland oil and gas sector.
“Beach is delighted to be building on its presence in Queensland, including the recent 7000km² award in the Cooper Basin. The Taroom Trough is one of the most active and exciting exploration and appraisal areas in Australia and has significant potential to become a major hydrocarbon development region supporting domestic gas and Australian manufacturing and jobs,” he said.
“Beach will continue to seek further opportunities to build our portfolio in onshore Queensland, where the government is strongly supportive of the sector and Beach has the opportunity to further progress our vision to become Australia’s leading supplier of domestic energy.”
All natural gas produced from Block 9 is designated to be sold into the domestic market.