Origin Energy and Buru Energy are working together to make sure...

Origin Energy and Buru Energy are working together to make sure that Origin’s exit from the Ungani oilfield does not disrupt production or value of the operation.

In Buru Energy’s quarterly report, the company announced that its operations in the Ungani Oilfield – in which Buru holds a 50 per cent share – produced approximately 48,000 bbls of oil.

The Ungani oilfield is located in the Canning Basin, which itself is in Western Australia, about 1500 km north of Perth.Buru acts as operator on behalf of the joint venture (JV) that it forms with Origin Energy, which holds the remaining 50 per cent interest in the Canning Basin.

The company has flagged the JV’s interest in increasing production in the Canning Basin, but acknowledged that additional wells will be subject to all necessary regulatory and JV approvals, as well as commercial, technical and operational analyses, and the availability to rigs.Buru’s CEO, Thomas Nador, said that the company will continue to pursue profitable oil production from Ungani, but is also focussing on the pursuit of Rafael – a conventional gas and condensate discovery within the companies’ operations in the Canning Basin.

“Our results this quarter, against the backdrop of ongoing global energy security challenges validate this strategy,” Nador said.

Not Sure Tom Mentioned the following in his quarterly

Origin Energy has announced its intention to divest its holdings in the Canning Basin JVs with Buru, but both companies are working towards making this exit as smooth as possible.

Explicit interest has been expressed to maintain the value of the operations for Buru and any future third parties for the operations.

“[Buru] continues to work with Origin to ensure their orderly and timely exit from the Canning Basin permits, and to safeguard a forward work program to support the structured appraisal of the Rafael 1 discovery.

Subject to the resolution of Origin’s participation, field operations are currently targeted for commencement in 2H 2023,” said Nador.