Santos, Central Petroleum JV to target shale gas in Amadeus basin
SYDNEY -- Santos has bought a slice of Central Petroleum' s exploration acreage in the Australian outback, spreading its holdings to more remote locations ahead of an expected surge in natural gas demand from the Asia-Pacific region.
Central Petroleum said Santos would spend up to $155 million carrying the cost of exploring and developing up to 13 permits in the Amadeus basin in Australia' s Northern Territory and the Pedrika Basin straddling the same territory and South Australia state. In return, Santos will get up to 70% of the acreage and become operator of the fields.
Central Petroleum retains 100% of some acreage in the Amadeus basin, including the recent Surprise discovery. It didn' t provide a drilling timetable for the Santos joint venture, which would target unconventional resources such as shale gas.
Dow Jones Newswires