ACCC begins probe on Bass Strait deal
The Australian Competition and Consumer Commission (ACCC) has launched a formal investigation into the gas marketing arrangements of ExxonMobil and BHP Billiton in the Bass Strait.
According to The Australian, the ACCC is calling the probe an ‘enforcement investigation’ into the 50 year old deal between the companies to sell their Bass Strait gas.
“The ACCC is currently investigating issues arising from joint marketing arrangements of the Gippsland Basin joint venture to determine whether there may be any contravention of the Competition and Consumer Act and, if so, what action ought to be taken,” an ACCC spokesperson told The Australian.
The ExxonMobil and BHP Billiton Joint Venture operate a number of platforms in the Bass Strait, offshore Victoria, including the massive Kipper Tuna Turrum Project.
The Joint Venture has been operating in the Bass Strait since the first gas discovery at the Barracouta field in 1965.