Korea National Oil Corp. (KNOC) has agreed to enter the joint ventures with 3D Energi and ConocoPhillips Australia (COPA) in two exploration permits in the Otway basin offshore south-east Australia.
Subject to regulatory approvals, KNOC will take a 29% interest in the VIC/P79 and T/49P permits, with COPA retaining a 51% operated share, and 3D Energi 20%.
3D Energi added that COPA’s previous agreement to carry up to $65 million of its drilling costs for a forthcoming exploration campaign is unchanged.
The partners are looking to discover new gas fields to supply domestic markets along Australia’s east coast.
