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Clayton Utz is advising Origin Energy on its acquisition of Woodside Energy's 51.55 per cent interest in the Otway Gas Project.
CLAYTON Utz is advising Origin Energy on its recently announced acquisition of Woodside Energy Ltd’s 51.55 per cent interest in the Otway Gas Project in Victoria, through Origin's wholly owned subsidiary Origin Energy Resources Limited (OERL), for a sum in excess of $700 million.
Energy and resources partners Graham Taylor and Emma Covacevich are leading the firm's team, with support from partner Andrew Smith and lawyers Samy Mansour and Andrew Lassman.
This is a strategically significant acquisition for OERL, which will receive additional earnings from natural gas sold under existing long-term contracts to TRUenergy as well as from LPG and condensate sold from the liquids-rich gas stream. Importantly, by increasing its interest in the Otway Gas Project - a premier asset with established production - OERL will have greater access to the growth potential and exploration upside of the area the subject of the Project.
Origin is also expected to become the operator of the Project and, as operator of both the BassGas Project and the Otway Gas Project, OERL will look to create a number of benefits by adding scale and capability to these operations and OERL will also be in a strong position to optimise exploration and development activities in the region.
The firm is assisting with the transition of operatorship as well as advising on the acquisition.
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