September 18, 2026
ConocoPhillips Australia intends to proceed with acquiring 3D Energi Limited’s 20 per cent participating interest in offshore exploration permit VIC/P79 located in Commonwealth waters in the Otway Basin (3D’s Interest).
The acquisition process will follow the steps previously agreed by all joint venture parties under the joint operating agreement, including obtaining all necessary regulatory approvals. The price payable will be the Fair Market Value of 3D’s Interest adjusted in accordance with the terms of the joint operating agreement including for the default amount and applicable interest. The Fair Market Value has been determined as US$19.8 million by an independent expert valuer who was appointed by both parties.
Following completion of the acquisition, ConocoPhillips Australia’s participating interest in VIC/P79 will increase from 51 per cent to 71 per cent. Korea National Oil Corporation will maintain its existing 29 per cent participating interest. ConocoPhillips Australia will remain as operator of the joint venture.
ConocoPhillips Australia is proud to be a major investor in the Queensland LNG and domestic gas sector. Our long-standing commitment, underpinned by more than AU$20 billion of capital investment, has been critical to the development of gas resources across Australia.
We remain committed to supporting Australia’s domestic gas market, both through our investment in unlocking potential new supply in the Otway Basin and in APLNG, which supplies approximately 20% of the East Coast’s domestic gas market demand.
Further work is underway to assess the development potential of the 2025–2026 Otway Exploration Drilling Campaign results and progress an Offshore Project Proposal aimed at bringing additional gas supply to the domestic market. All future activity is subject to ongoing assessment, joint venture decision-making and regulatory approvals.
About ConocoPhillips
As a leading global exploration and production company, ConocoPhillips is uniquely equipped to deliver reliable, responsibly produced oil and gas. Our deep, durable and diverse portfolio is built to meet growing global energy demands. Together with our high-performing operations and continuously advancing technology, we are well positioned to deliver strong, consistent financial results, now and for decades to come. Visit us at www.conocophillips.com.
In Australia, ConocoPhillips holds a 47.5% interest in Australia Pacific LNG and operates the downstream LNG export facility. APLNG has an operating budget of over $2.5 billion a year to develop coal seam gas in Queensland. This investment has made APLNG the largest supplier of natural gas to the domestic market of the East Coast LNG producers, contributing approximately 20 per cent of the total demand each year. In addition, ConocoPhillips Australia is exploring for natural gas in the Otway Basin (offshore Victoria) near existing natural gas wells and discovered hydrocarbons during the 2025–2026 exploration campaign. Visit www.conocophillips.com.au.