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Origin lifts stake in Otway gas project

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September 11, 2017

Origin Energy has agreed to buy out Benaris' 27.77 per cent stake in the Otway gas project.

Origin Energy has agreed to buy out a 27.77 per cent stake in the Otway gas project and minority interests in exploration joint ventures from oil and gas explorer Benaris.

Origin will pay Benaris $190 million for the acquisitions, adjusted to reflect an effective date of July 1, with its Lattice Energy subsidiary lifting its stake to 95 per cent in the Otway project and 100 per cent in the exploration ventures.

Lattice will also pay Benaris $60 million for 11.89 petajoules of oil and gas reserves under a separate agreement to rebalance the share of gas between the parties.

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