Hindustan Petroleum Corporation’s (HPCL) subsidiary Prize Petroleum has reportedly inked an agreement to buy stakes of Australian major AWE in two fields of that country. Prize Petroleum will acquire 11.25% interest in T/L1, part of BassGas infrastructure and Yolla field, and a 9.75% interest in T/18P of Trefoil field in Australia for $85 million. The field is held by a consortium in which Origin Energy, AWE and Toyota Tsusho are the major partners.
The fields are located in shallow water in Bass basin between mainland Australia and Tasmania offshore Victoria. In addition, the acquisition will also entail a stake in offshore platform, gas processing plant and a 147 kilometre subsea pipeline.
HPCL operates two major refineries producing a wide variety of petroleum fuels and specialties, one in Mumbai (west coast) of 6.5 million metric tonnes per annum (MMTPA) capacity and the other in Vishakapatnam, (east coast) with a capacity of 7.5 MMTPA.
The fields are located in shallow water in Bass basin between mainland Australia and Tasmania offshore Victoria. In addition, the acquisition will also entail a stake in offshore platform, gas processing plant and a 147 kilometre subsea pipeline.
HPCL operates two major refineries producing a wide variety of petroleum fuels and specialties, one in Mumbai (west coast) of 6.5 million metric tonnes per annum (MMTPA) capacity and the other in Vishakapatnam, (east coast) with a capacity of 7.5 MMTPA.
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