Oil and Gas News

Metgasco expedites east coast supply

Odin

Metgasco has announced a work program to expedite gas sales from Odin to east coast customers.

Gas was discovered at the Odin site in May 2021, and following an independent assessment it found that it contained a gross 2C Contingent Resource.

The joint venture (JV) between Metgasco (25 per cent), Vintage Energy (50 per cent) and Bridgeport (25 per cent) has agreed to begin the necessary engineering to connect the Odin gas field to the Vali-Beckler pipeline.

Construction of the Vali-Beckler pipeline commences in August 2022 and should be completed by September this year.

A commercial plan is also underway to market the field’s gas.

Field work may begin in the second half of the 2023 financial year (FY), depending on JV and regulatory approvals. Securing a gas sales agreement could see gas sales from Odin as early as the first half of FY 2024.

Managing director Ken Aitken said Eastern Australia requires new sources of gas in order to rebalance current supply/demand in the area.

“Commercial value drivers were compelling for the JV to decide to fast track Odin gas to market via the Vali pipeline infrastructure. The JV has decided to prioritise gas sales in the near term over exploration,” Aitken said.

The budget to bring Odin into production has already been approved by the JV.

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