Yolla – Bass Basin (Australia)
Producing Gas Fields
CalEnergy has been actively involved in exploration and production in the Bass
Basin, located in the offshore waters of the Bass Strait between the
southeastern tip of mainland Australia and the Australian island state of
Tasmania, since 1998.
CalEnergy has been pursuing a monetization of its assets in this area and has
entered into a third-party agreement that will result in the disposal of CalEnergy's 15 percent interest in production permit T/L1
– and associated
retention lease T/RL1 – containing the Yolla gas field. The transaction is
expected to close in 2010.
The Yolla gas field, located approximately 120 kilometers south of the coastline of Victoria, consists of the offshore gas production facilities, associated
pipelines and the onshore gas processing plant at Lang Lang in Victoria. Collectively, the Yolla gas field and associated production/export infrastructure
is known as the BassGas Project.
First commercial gas production commenced from the field in May 2006.
The initial operator estimates suggest the field contains recoverable reserves of approximately 323 PJ of sales gas, 13 million barrels of condensate and 0.97 million tonnes of LPG. In addition, there are two oil sands which will be developed at a later stage.
To date, the field has produced approximately 60 PJ of sales gas and associated
liquids (condensate and LPG).