New company Western Gas takes over huge coastal reserve from USA’s Hess
A potentially massive gas project off the northwest Australian coast has been acquired by a newly-formed company dedicated to the site’s development.
Western Gas has purchased the undeveloped Equus gas project from American firm Hess, at a time when warnings have been issued by Australia’s energy market watchdog about a possible shortage of supply in the coming years.
Western Gas Executive Director Andrew Leibovitch told The West Australian: “Equus provides a great opportunity for the timely development of Western Australia’s discovered gas reserves to meet the needs of local gas customers, particularly when the eastern states of Australia are experiencing a major energy crisis and exploration is in decline.”
- Renewable energy the key focus at SA’s Smart Energy Summit
- Origin Energy enters Perth gas market with cut-price promise
- Read the November edition of Business Review Australia magazine
Leibovitch claimed that the reserves at Equus were abundant enough to supply a quarter of WA for the next 20 years. It is estimated that the site contains some 2trn cubic metres of gas.
While the project looks set to sure up supply in the west, Australia’s energy shortfall in the east and south is a greater cause for concern, with key industry players meeting in Adelaide recently to discuss how renewable energy can help address what many are calling a crisis in waiting.
Back in WA, electricity supplier Synergy is set to enter a partnership with Dutch Infrastructure Fund to bankroll various large-scale projects.
- Australian government takes control of Snowy Hydro with $6bn investmentCorporate Finance
- Sonnen places faith in SA by moving HQ and building battery factoryCorporate Finance
- Cheap energy storage will power Australia’s renewable future – reportLeadership & Strategy
- South Australia’s Port Lincoln to house $117.5mn hydrogen power plantLeadership & Strategy