Melbourne-based oil and gas group Nexus Energy has shot to record levels after a deal with Shell to develop a LNG project in the Browse Basin of Western Australia. The deal involves Shell earning up to 34% of Nexus’ Echuca Shoals field in permit WA-377-P by spending USD 65 million, including an up-front payment of USD 26 million for an initial 13.6% interest in the big undeveloped gas discovery. In an earlier deal, Shell paid USD 53 million to acquire the gas rights to Nexus’ Crux gas and condensate (light oil) field in the Browse Basin, with Nexus retaining the rights to extract the condensate first. The moves by Shell follow its aggressive bidding for exploration permits in the region as part of its push to bring gas resources in the Browse Basin together to underpin a new multibillion dollar LNG export project.
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