Monaco-registered energy company O.G. Energy has agreed to acquire 40% of the Victorian Otway Basin assets of Australian oil and gas company Beach Energy for A$344 million.
The acquisition is subject to approval from the Foreign Investment Review Board.
O.G. Energy (the energy division of Ofer Global) plans to partner with Beach Energy to support the rapid exploration and development of the Otway Basin gas field, according to a media statement.
The Otway Basin parcel includes the Otway Gas Plant, existing gas fields Geographe, Thylacine, Halladale, Speculant and Black Watch, as well as exploration prospects Enterprise and Artisan.
Following the sale, four new joint ventures will be formed, with Beach Energy operating and having a 60% interest in each joint venture.
‘Securing an excellent development partner for the Otway gas fields is a pivotal step towards creating new supply to Australia’s east coast gas market,’ says Matt Kay, CEO, Beach Energy.
Eyal Ofer, Chairman of Ofer Global, says his company plans to use the project as a springboard from which to expand its presence in Australia and Asia.
‘Throughout Ofer Global’s history, we have sought out strong partners as we’ve entered new markets,’ says Ofer. ‘We are therefore delighted to build a strategic partnership with Beach Energy, a major player in one of the key regions we are focusing on.’
Founded in the 1960s, Monaco-based Ofer Global is a private portfolio of international businesses. It principally focuses on shipping, real estate, energy, technology, banking and investments in Europe, North America, Asia and the Asia-Pacific region.