KNOC set to join ConocoPhillips-led Otway drilling programs

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.