Mitsui & Co. Ltd. is selling its 40% stake in the BassGas project offshore Australia, despite a recent hike in the reserves of the development.
The stake could be sold for between A$140 million and A$360 million, according to a report from Reuters, citing investment bank Credit Suisse and an unnamed source. It was acquired through Mitsui's purchase of AWE Ltd in 2018.
The BassGas joint venture has produced gas and liquids from the Yolla field in the Bass Basin off the state of Victoria since 2006, providing supply to the Australian east coast, the report said. Project operator and joint venture partner Beach Energy Ltd. confirmed in its second-quarter earnings call that the project's reserves doubled to 11 million barrels of oil equivalent, including the undeveloped Trefoil gas project.
Rothschild was hired as the adviser on the stake sale, Reuters reported.
The remaining stake in the joint venture is owned by Hindustan Petroleum Corporation Ltd. unit Prize Petroleum Co. Ltd.
