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PowerWater outsmarted in $50m gas deal

10 May 2017 10:30 AM | Sonia Harvey (Administrator)

Article by Ashley Manicaros

TERRITORIANS have been left with $50 million of gas they will not use after the Power and Water Corporation was outsmarted in a supply deal.

Central Petroleum has won a deal to supply 9.85PJ of gas over five years to the Northern Territory Pine Creek Power Station operated by Energy Development.

Under the supply agreement, Central Petroleum has the right to supply gas from its central Australian fields of Mereenie, Dingo or Palm Valley, in a fixed-price gas contract which may increase subject to CPI.

In a further twist, Central Petroleum on Tuesday announced a gas transportation deal to move the gas along the Amadeus pipeline after negotiating directly with APA Group, owners of the pipeline.

The total deal, estimated at $50 million, has caught many gas analysts and Power and Water by surprise given the volume of excess gas available to the government-owned entity from Blacktip and its effective monopoly of gas transportation through both the Amadeus and Bonaparte pipelines.

Read the full article here. Article by Ashley Manicaros, NT News

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