ConocoPhillips Australia Expands Partnership for Otway Basin Exploration

ConocoPhillips Australia (COPA), a subsidiary of the U.S.-based energy giant ConocoPhillips, is ramping up its hydrocarbon exploration activities in the Otway Basin off the coast of Australia. The company is joined by a new partner, Korea National Oil Corporation (KNOC), to search for commercially viable natural gas reserves in the region.

Recently, COPA received approval from the National Offshore Petroleum Safety and Environmental Management Authority (NOPSEMA) for its proposed Otway Exploration Drilling Program (OEDP). This green light allows COPA to move forward with seabed surveys and drilling activities for up to six exploration wells in the VIC/P79 and T/49P offshore titles in Commonwealth waters.

The exploration efforts will be supported by Transocean’s Transocean Equinox semi-submersible drilling rig, scheduled to commence drilling in Q3 2025.

3D Energi, a Melbourne-based oil and gas exploration company, is another key player in this venture, holding a 20% interest in both permits alongside COPA. As part of the partnership restructuring, COPA will farm down its stake to 51%, with KNOC taking on a 29% interest in the permits.

Noel Newell, Executive Chairman of 3D Energi, expressed optimism about KNOC’s involvement, stating, “I believe it is incredibly encouraging that KNOC will join our Otway joint venture. It supports our view of the exceptional prospectivity in our permits and the overall commercial opportunity.”

With KNOC’s investment and expertise in the mix, the exploration program aims to unlock new natural gas discoveries to meet Australia’s domestic energy needs. The joint venture envisions becoming a significant player in supplying gas to Victoria and the broader East Coast starting in 2028, addressing potential supply gaps from 2029 onwards.