ConocoPhillips Australia Wraps Up Seabed Surveys for Gas Exploration in the Otway Basin

ConocoPhillips Australia (COPA), a subsidiary of the U.S.-headquartered energy giant ConocoPhillips, has completed seabed surveys over potential drilling locations to support its gas exploration activities in the Otway Basin off the coast of Australia.

The completion of seabed surveys follows the recent partnership with Korea National Oil Corporation (KNOC) in two permits, VIC/P79 and T/49P, within Commonwealth waters adjacent to existing natural gas developments in the Otway Basin.

ConocoPhillips’ current partner, 3D Energi, holds a 20% interest in both permits, while COPA has the remaining 80% stake. Once regulatory approvals are secured, 3D Energi will retain a 20% participating interest after COPA farms down its stake to 51%, with KNOC assuming a 29% interest.

Exploration drilling is scheduled to commence later this year, with Transocean’s Transocean Equinox semi-submersible drilling rig set to start drilling in Q3 2025 as part of the Otway Exploration Drilling Program.

ConocoPhillips Australia aims to identify viable natural gas reserves to support Australia’s energy needs, ensuring reliable power generation, industrial processes, and residential heating.

“Natural gas has been safely developed in the region for many decades and is a vital part of Australia’s energy future. The environment plan includes measures to mitigate impacts to the marine environment,” highlighted ConocoPhillips.

Aside from its gas exploration activities, ConocoPhillips is also optimizing its global portfolio, recently selling its interests in Shell’s assets in the Gulf of America (GoA).