Beach Energy Ltd has entered into a non-binding memorandum of understanding (MOU) with ITOCHU Corp. (ITOCHU) of Japan to investigate and discuss the potential for a future business arrangement in connection with supply of gas from Beach's onshore Australian portfolio to a potential integrated LNG project.
Beach's Managing Director, Mr Reg Nelson said, "Beach has built a strong relationship with ITOCHU over a number of years and we are looking forward to working together to research the potential for us to jointly invest in an integrated LNG project opportunity."
ITOCHU is one of Japan's largest and diversified general trading companies. It has interests in many business sectors throughout the world, including energy and resources both in Australia and elsewhere.
Beach Energy Ltd has oil and gas reserves of 66 million bbls of oil equivalent (at 30 June 2009), an annual production in the 2008/09 Financial Year of 9.6 million bbls of oil equivalent and an active exploration programme within a balanced global portfolio of tenements. Their portfolio includes both conventional and unconventional gas, and they have a major interest in the Cooper Basin, Nappamuri trough, which has similar properties to the best US shale plays and has estimated reserves of 20 – 100 billion ft3/km2.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/06072010/beach_energy_ltd_enters_into_constructive_partnership_with_itochu_corp/