Page 10 - AsianOil Week 43 2020

AsianOil OCEANIA AsianOil

Beach upbeat despite

downturn in Q3 revenue

PERFORMANCE AUSTRALIAN independent Beach Energy
recorded a 17.5% decline in its third-quarter rev-
enue on the back of weaker international oil prices.
The company said on October 23 that its
revenue for the July-September period slipped
AUD361mn ($255mn) from AUD438mn
($309.4mn) in the same period of 2019. The
decline came despite a 4.1% uptick in production
to 6.77mn barrels of oil equivalent from 6.55mn
boe in the third quarter of 2019.
Beach said the production gains came mostly
from higher production in the Victorian Otway
Basin and the Cooper Basin joint venture.
Beach managing director and CEO Matt Kay
remained upbeat, however, noting that the com-
pany had made significant progress from the previ-
ous quarter. Indeed, the company’s average realised
oil price had increased by 38% quarter on quarter.
Kay said: “It was a quarter in which produc- Otway Gas Plant in Victoria.
tion met expectations, demonstrating that our Image: Beach Energy
team can continue to operate effectively during
what has been a period of high disruption – par- [in the Carnarvon Basin] in the coming days,”
ticularly in Victoria.” Kay added.
He added: “Sales revenues were up 13% [on The executive said Beach intended to reach a
the quarter], and Beach continues to operate in a final investment decision (FID) on Waitsia Stage
net cash position, ensuring we remain in a robust 2 by the end of the year, the executive said.
position heading into the second quarter.” Waitsia, considered to be one of the country’s
Beach participated in 17 wells in the quar- largest onshore discoveries in the last four dec-
ter – all in the Cooper Basin, with a success rate ades, is expected to produce 1.5mn tonnes per
of 94%. The company is now looking for a new year (tpy) of LNG over seven years.
wave of exploration discoveries. The project, which Japan’s Mitsui and Co. and
“Drilling has already commenced at the Beach are developing via a joint venture, is the
Enterprise 1 onshore-to-offshore well in the Vic- only development to have received an exemp-
torian Otway Basin and operator BP is expected tion from Western Australia’s planned onshore
to spud the Ironbark 1 frontier exploration well gas export ban.™

Australia’s Karoon gets green

light for Brazil offshore purchase

PROJECTS & AUSTRALIAN oil and gas company Karoon “Karoon is aiming to close the transaction
COMPANIES Energy has received the go-ahead from Bra- on October 30, 2020, and will keep the market
zil’s National Agency of Petroleum, Natural updated on progress,” the company said in a
Gas and Biofuels (ANP) to acquire the Bauna press statement.
offshore oilfield from state-run Petrobras. “In relation to the FPSO charter assignment,
The company, which operates in Australia, Karoon does not consider that this will delay
Brazil and Peru, hopes to finalise the deal at transaction close,” it added.
the end of this month, subject to certain condi- This is in line with a statement the
tions, including floating production, storage and company made earlier this month, say-
off-loading (FPSO) vessel charter assignment, ing: “The FPSO charter assignment has
the firm said. also progressed, and Karoon expects the

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