The Korea National Oil Corporation (KNOC) is entering a new stage of overseas energy development by joining a joint venture to explore natural gas in Australia’s Otway Basin, located in the southeast of the country.
According to local media reports on May 20, KNOC will collaborate with 3D Energi, an Australian Securities Exchange-listed company, and ConocoPhillips Australia, a subsidiary of the U.S.-based energy giant.
KNOC acquired a 29 percent stake in the Otway Basin project by purchasing part of ConocoPhillips’ share. This reduces ConocoPhillips’ ownership from 80 percent to 51 percent, while 3D Energi keeps its 20 percent stake.
The project focuses on two exploration permits in the Otway Basin, a geologically rich region with strong potential to become a major gas producer for Australia’s eastern coast.
KNOC’s involvement is still subject to approval by the Australian Foreign Investment Review Board and other regulatory authorities.
Noel Newell, Chairman of 3D Energi, expressed optimism about the partnership, saying the company looks forward to developing the area into a key gas-producing region on Australia’s east coast in cooperation with KNOC.
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