Mumbai: Prize Petroleum, a wholly-owned subsidiary of Hindustan Petroleum Corporation Ltd (HPCL), has acquired stakes in two Australian hydrocarbon fields for 85 million Australian dollars.
The company said in a statement that it has entered into an agreement with Sydney-based AWE Ltd to acquire 11.25 per cent stake in T/L1 area and 9.75 per cent interest in T/18P area.
The T/L1 field includes Yolla producing field and BassGas infrastructure and T/18P has Trefoil development field. Both the fields are located in shallow water in Bass basin between mainland Australia and Tasmanian offshore area.
In addition to the field, the acquisition will also entail a stake in offshore platform, gas processing plant and a 147-km sub-sea pipeline. Production from Yolla mainly comprises natural gas, LPG and condensate (a low-density mixture of hydrocarbon liquids).
The fields are operated by Origin Energy and held by a consortium in which Origin, AWE and Toyota Tsusho are the major partners.
"Believer - Humanitarian - Habit of Success" Sukumar Balakrishnan is the Founder of JB GROUP, a 500 Crore National Organization with over 150 Direct & 1200 indirect professionals operating from 5 major cities in India. Jayalakshmi Balakrishnan Group, a multi-faceted group venturing into, E- Commerce and Import-Export (INNOKAIZ), Retail and Wholesale (JB MART), Food and Beverages (KRISHNA FOODS ), Real Estate (Constructions on sites, Interior scaping, Facility Management)
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