Beach Energy to divest 60% operated stake in Otway VIC/L35
Key takeaways
- Beach Energy to divest 60% operated stake in Otway VIC/L35 The Artisan gas field was discovered in March 2021. · Offshore Technology · Kaulainbang/Shutterstock.com.
- VIC/L35 contains the Artisan gas discovery, which was announced in March 2021.
- Under the terms of the deal, Beach Energy will receive A$70m ($50.18m) in cash upon completion.
Beach Energy to divest 60% operated stake in Otway VIC/L35 The Artisan gas field was discovered in March 2021. · Offshore Technology · Kaulainbang/Shutterstock.com. Shree Mishra Tue, May 26, 2026 at 3:50 PM GMT+7 3 min read BPT.AX AEL.AX Beach Energy has agreed to divest its 60% operated stake in the VIC/L35 production licence in Australia’s offshore Otway Basin to Amplitude Energy and O.G. Otway.
VIC/L35 contains the Artisan gas discovery, which was announced in March 2021. The discovery is located nearly 30km offshore Victoria.
Under the terms of the deal, Beach Energy will receive A$70m ($50.18m) in cash upon completion. The company will also be entitled to a production royalty of A$3.75 per gigajoule (GJ) on 60% of all gas produced up to a total of 62 petajoules (PJ) or until June 2036.