Origin Energy wraps up sale of Beetaloo Basin JV stake to Tamboran (B1)

Origin Energy Limited, an Australian energy company, has wrapped up the sale of its stake in the Beetaloo Basin joint venture (JV) to Tamboran (B1) Pty Limited.

The deal, which was announced in September 2022, is part of Origin Energy’s plans to exit upstream exploration permits in the course of time in order to focus its strategy and ambition to steer the energy transition.

The Australian energy company received A$60 million upfront and is entitled to earn a royalty on future production from the Beetaloo Basin over the life of field across the interest it held.

Located in the Northern Territory, Australia, the Beetaloo Basin operations include three exploration permits for shale gas, which are the EP 76, EP 98, and EP 117 licenses.

Tamboran (B1) is 50:50 owned by Tamboran Resources and its substantial shareholder — Bryan Sheffield. It will now take over operatorship of the Beetaloo Basin joint venture with a stake of 77.5% and will partner Falcon Oil and Gas Australia, which holds the remaining stake of 22.5%.

Origin Energy said that it has also entered into a gas sale agreement, which is subject to a final investment decision being made and future development taking place.

Frank Calabria — Origin Energy CEO said: “Completion of the sale of Origin’s interest in the Beetaloo joint venture, and intention to exit other upstream exploration assets over time, will allow greater flexibility to allocate capital towards our strategic priorities to grow cleaner energy and customer solutions and deliver reliable energy through the transition.”