Hindustan Petroleum Corp Ltd (HPCL) has bought stakes in a gas field in Australia for Australian dollar 85 million (about USD 75 million).
Prize Petroleum Co Ltd, a unit of HPCL, has signed a sale purchase agreement with AWE, Australia to "acquire 11.25 per cent interest in T/L1 (BassGas/Yolla) and 9.75 per cent in T/18P (Trefoil) permit in Australia."
The Yolla offshore field is operated by Origin Energy with 42.50 per cent. AWE before the deal had 46.25 per cent stake, while the remaining 11.25 per cent is with Toyota Tsusho Gas E&P Trefoil Ltd.
AWE will hold 35 per cent in Trefoil field after the deal.
The fields are located in shallow water in Bass basin between mainland Australia and Tasmania offshore Victoria.
"In addition to the field, the acquisition will also entail a stake in offshore platform, gas processing plant and a 147 Km subsea pipeline," it said, adding, production from Yolla mainly comprises of gas, LPG and condensate.
The BassGas project consists of an offshore wellhead platform connected by pipeline to the gas processing facility at Lang Lang, Victoria.
Gas is currently produced from two wells, Yolla-3 and Yolla-4. It produces 67 Terajoules per day at present.
A 2-well drilling program (Trefoil-2 and Rockhopper-1) was completed in early 2010.
