US ENERGY PRODUCER SNAPS UP PALMER’S OIL COMPANY
Written on the 17 April 2012
US-BASED Hess has bought Queensland mining magnate Clive Palmer’s (pictured) Kingsway Oil as part of its Australian expansion plans.
The deal for an undisclosed sum expands the foreign oil company’s presence to include the Canning Basin in Western Australia.
Hess, which owns WA gas discoveries under its WA-390-P permit and a Northern Territory shale gas exploration venture in the Beetaloo Basin, will add a further two exploration permits covering more than 7800 sq km with three separate licences under application (54,000 sq km).
One of the Canning Basin permits includes the Sally May oil discovery, which was drilled by Kingsway in 2005.
Earlier this year Hess appointed senior group executive Howard Paver as president of its Perth business unit.
The company also held talks with Woodside Petroleum and Chevron on potential commercialisation options through liquefied natural gas plants.