Nexus Energy Ltd. of Melbourne signed consolidation agreements with Shell Development Australia and Osaka Gas Co. Ltd. to participate in a Shell-operated integrated gas and liquids development for the Crux gas-condensate field in the Browse basin offshore Western Australia.
In the new joint venture, Shell has 80% interest, Nexus 17%, and Osaka gas 3%. Nexus has a 12-month option to sell an additional 2% stake in the project to Shell.
Shell will operate the AC-L9 Crux production licence, taking over from Nexus, subject to approval of federal government authorities (OGJ Online, May 11, 2011).
A range of development options will be considered to position Crux as a hub in the East Browse basin. Options include a new floating LNG plant.