Arc Energy buys Wandoo Petroleum from Mitsui

Rick Wilkinson
OGJ Correspondent

MELBOURNE, Apr. 26 -- Arc Energy Ltd., Perth, has boosted its proved and probable petroleum reserves by 336% with the acquisition of Mitsui's Australian affiliate Wandoo Petroleum Pty. Ltd. for $315 million.

Arc's 2P reserves move up to 29.1 million boe, while its projected 2007-08 financial year production is expected to increase by 125% to 4.2 million boe.

Wandoo's assets include 40% of Wandoo oil field in the Carnarvon basin off Western Australia, 24% of Cliff Head oil field in the North Perth basin off Western Australia, and 12.5% of the BassGas project in the Bass basin off northern Tasmania. All the fields are in production.

Arc already held a 6% interest in Cliff Head, so the deal brings its total participation to 30%.

The BassGas project, operated by Origin Energy Ltd. in Tasmanian waters, is producing gas and liquids from Yolla field.

Related Articles

Western Australia taps Kimberley site for LNG hub

12/29/2008 Western Australia has chosen a site called James Price Point about 60 km north of Broome on the Kimberley coast to establish a proposed LNG hub for...

MMS chief hopes next president, Congress won't reinstate OCS bans

12/19/2008 US Minerals Management Service Director Randall B. Luthi said on Dec. 9 that he hopes the Obama administration and Congress seriously consider expa...

Pakistan plans $1 billion TAPI, IPI gas storage

12/17/2008 Pakistan says it will require $1 billion to build underground storage for gas to be imported from Iran and Turkmenistan, according to the country's...

MMS OCS Policy Committee plans first post-moratorium meeting

12/12/2008 The US Minerals Management Service's Outer Continental Shelf Policy Committee will hold its next meeting Dec. 9-10 at the Washington Dulles Crowne ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected