A gas field found in 1967 is finally edging towards production thanks to a near $500 million investment, but most of its value will come from storage.
More than half a century after the discovery of the Golden Beach gas field off the coast of Victoria, efforts to bring the gas to market are finally edging towards a result.
The delay is, however, only the latest in the decades-long pursuit of options to commercialise the resource that sits just three kilometres off the Gippsland coast.Tim Baldwin, chief executive of unlisted GB Energy, the current owner of the field , says the unique nature of the project has complicated progress on several fronts.
The 69 PJ gas field, discovered by Burmah Oil and Woodside in 1967, will supply all its gas initially to Origin Energy’s retail business under a deal signed in February 2019 before being converted to a storage site able to hold as much as 12.5 PJ initially. That storage capacity, which has also been 40 per cent contracted by Origin, will have the potential to be trebled in size, Mr Baldwin said.
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