The ACCC has granted authorisation for
Vintage,
The ACCC's authorisation enables the parties to jointly market gas produced from the Odin field for five years. Within this period, the parties will be able to enter into gas supply agreements with customers on common terms and conditions, including price. Those gas supply agreements may be for a term of up to 15 years.
Without authorisation from the ACCC, these joint marketing arrangements would risk breaching competition laws.
"The Odin field is relatively small compared to the overall size of the east coast gas market, so the amount of gas to be jointly marketed is unlikely to adversely affect competition," ACCC Commissioner
"We believe a key benefit of the joint marketing arrangement is it will expedite the development of the new gas supply from the Odin field. That may see less reliance on other sources of energy that create greater carbon emissions."
Further information, including the application and the ACCC's final determination can be found at
The Odin field lies within the area covered by Petroleum Retention Licence 211 (PRL 211) granted by the South Australian Government, and Authority to Prospect 2021 (ATP 2021) granted by the Queensland Government. Both licences are owned by the PRL 211 and ATP 2021 joint venture participants in the following proportions:
The Odin field is estimated to hold 40 petajoules of 2C Contingent Resources.
On
The Odin field is not subject to the one-year, emergency gas price cap introduced in
ACCC authorisation provides statutory protection from court action for conduct that might otherwise raise concerns under the competition provisions of the Competition and Consumer Act (CCA).
Broadly, the ACCC may grant authorisation when it is satisfied that the likely public benefit from the conduct outweighs any likely public detriment.
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(C) 2023 M2 COMMUNICATIONS, source