ConocoPhillips to Acquire 80% Stake in 3D Oil's Offshore Block

OE Staff
Thursday, March 26, 2020

ConocoPhillips Australia is nearing completion of the previously proposed acquisition of majority interest in the offshore Tasmanian Permit T/49P from 3D Oil.

First announced in December 2019, the deal entailed ConocoPhillips acquiring a 75 percent stake. This has now been raised to 80%.

3D Oil said Thursday that the two companies had signed Joint Operating Agreement to satisfy a key condition of the farm-out of T/49P.

Under the agreement, 3D Oil will receive cash payment of A$5 million, and keep 20% stake, down from previously agreed 25 percent. 3D Oil has explained that by lowering the ownership stake, it would also lower joint operation expenses.

The deal calls for ConocoPhillips Australia to acquire at least 1580 sq km of 3D seismic in T/49P at no cost to 3D Oil. After that, ConocoPhillips Australia can elect to drill an exploration well in which it will carry up to the first US$30 million of costs.

Completion of the farm-out will occur following government approvals. 

3D Oil will contribute 10% of the joint operation expenses until ConocoPhillips Australia has completed an exploration well or spent at least US$30 million toward drilling of an exploration well.

Categories: Drilling Geoscience Activity Exploration Australia/NZ

Related Stories

Subsea7 Secures Work at Black Sea Field off Türkiye

Saipem Marks First Steel Cut for Tangguh UCC Project at Karimun Yard

Saipem Wins FEED Contract For Abadi LNG Project FPSO Module In Indonesia

Shelf Drilling Lands New Jack-Up Contract in Vietnam, Extends Egypt Deal

CNOOC Finds Oil and Gas in South China Sea

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Fugro Lands Deepwater Gas Field Job in Southeast Asia

Velesto’s Jack-Up Rig Up for Drilling Job Offshore Vietnam

Turkey Discovers New Black Sea Gas Reserve

Current News

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

Subsea7 Secures Work at Black Sea Field off Türkiye

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

PXGEO Nets First Seismic Survey off Malaysia

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Norwegian Oil Investment Will Peak in '25

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com