EOG Resources Inc., one of the largest oil and gas producers in the U.S. headquartered in Houston, is making its debut in ‘the land Down Under’ through the acquisition in a giant oil prospect off the northern coast of Australia.
In a company release, Melbourne, Australia-based Melbana Energy Ltd. said it had entered into an agreement to sell its WA-488-P permit containing the giant Beehive prospect in the Petrel sub-basin to a subsidiary of EOG Resources for $22.5 million. The Petral sub-basin is a shallow-water area of the Timor Sea southwest of Darwin.
EOG, which under the terms of the deal will acquire a 100% interest in the WA-488-P permit, intends to drill an exploration well targeting the Beehive prospect in 2022, according to the Melbana company release.
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