Cooper to invest $55 million

The investment is for the upgrade and connection of the Minerva Gas Plant, which Cooper Energy took possession of in December 2019 as operator and 50 per cent interest holder while Mitsui Group holds the remaining 50 per cent.

Now, Cooper Energy and Mitsui Group will invest $37 million to upgrade the plant, having already spent $17.8 million purchasing the plant and on front end engineering, design work and maintenance.

The infrastructure works at the Minerva Gas Plant will enable the supply of 16 PJ of currently undeveloped gas.

Cooper Energy Managing Director David Maxwell said the investment decision represents an important milestone in the company’s growth as an efficient, reliable developer and is an important commitment to infrastructure investment and local jobs.

“This is a ‘shovel-ready project’ which will see Cooper Energy and Mitsui Group upgrade the idle Minerva Gas Plant to be a processing hub for local production and discoveries in offshore Otway Basin, Victoria,” said Mr Maxwell.

“It means local jobs for local contractors which will help deliver reliable gas supplies into the east coast market.

“The investment follows the successful exploration program by Cooper Energy and Mitsui Group resulting in the Annie-1 gas discovery, in the Otway Basin, the first offshore discovery in south-east Australia over seven years.”

The project will draw gas from four offshore wells into the Minerva plant via a pipeline tie-in and minor modifications which will improve recovery enabled by lower plant inlet pressure and provide customers firm supply.

Following the completion and performance testing, Cooper expects first gas within the 2021 September quarter – an expectation that incorporates COVID-19 uncertainties.

For more information visit the Cooper Energy website.

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