HPCL to acquire two gas fields in Australia

NEW DELHI: Prize Petroleum Co, the upstream arm of state-run refiner Hindustan Petroleum Corp Ltd ( HPCL) has signed an agreement with Australian exploration firm AWE to acquire minority stakes in two gas fields and a gas infrastructure facility for 85 million Australian dollar, a company statement said.

Prize Petroleum will acquire 11.25% stake in T/L1 license that includes Yolla producing field and purchase 9.75% stake in T/18P permit including Trefoil development field in Australia, it said.

The shallow water fields are located the Bass basin between mainland Australia and Tasmania. Origin Energy is the operator of the fields where AWE and Toyota Tsusho are major partners, it said.

Prize Petroleum will also have a stake in gas infrastructure including an offshore platform, gas processing plant and a 147 km sub sea pipeline, it said.