Oz Vali Partners Cleared to Market Gas

Australian explorers Vintage Energy, Metgasco and Bridgeport have secured interim approval from the Australian Competition and Consumer Commission (ACCC) to negotiate gas sales from the Vali field in Queensland.

The partners will be able to negotiate long-term supply agreements with customers and deliver small quantities of gas on a spot basis between now and the end of this year, while they determine Vali's flow characteristics, the ACCC said on January 29.

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"The ACCC considers interim authorisation will provide investment certainty for the parties to expedite development of the Vali field and bring this new gas supply to the market sooner," ACCC commissioner Stephen Ridgeway said. "Given the small amount of gas to be jointly marketed, the proposed joint marketing arrangements are unlikely to adversely affect competition."

The commission noted, though, that any long-term gas supply deals were conditional on its final decision.

Vali was discovered in the Cooper/Eromanga basin in January 2020, when a well encountered a gas pay in Nappamerri, Toolachee and Patchawarra formations. The primary Patchawarra formation alone contains 12.3bn ft³ in 1P, 30.3bn ft³ in 2P and 78.9bn ft³ in 3P reserves, according to a December independent appraisal.