Korea to join 3D Energi, ConocoPhillips in Otway gas hunt

The Korea National Oil Corporation (KNOC) will enter the 3D Energi and ConocoPhillips Australia (COPA) joint venture in the Otway exploration permits VIC/P79 and T/49P. 3D Energi retains a 20% participating interest in both permits while COPA will farm down to 51%, with KNOC assuming a 29% interest. COPA will retain operatorship of the JV.

The exploration program has been further bolstered with KNOC’s investment participation and exploration expertise, reinforcing 3D Energi’s commitment to find new natural gas discoveries to supply domestic gas to the east coast of Australia.