Nexus, Shell, Osaka Gas in Crux field joint venture offshore Australia

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.

The new joint venture wants to convert the existing production licence into a retention lease, which will require a detailed work program involving technical studies.

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