Beach Renegotiates Royalty Agreement With Exxon Mobil
19 Januar 2012 - 4:36AM
Dow Jones News
Australia's Beach Energy Ltd. (BPT.AU) said Thursday that it has
renegotiated a royalty agreement with Exxon Mobil Corp. (XOM) for
two assets that will see it make an annual payment of at least A$40
million (US$41.6 million) over the first five years.
The agreement resolves claims of underpaid royalties between
Beach's Delhi Petroleum unit and Exxon's Esso Australia Resources
business.
The new agreement will be effective from July 1, 2011 through
the end of 2030, Beach said in a statement. It includes a one-time
payment in the first year of A$8 million.
In 2004, Delhi Petroleum entered a confidential royalty
agreement as part of Esso Australia's sale of Delhi, which required
Delhi to pay a percentage of revenue from certain products from its
Cooper and Eromanga Basin assets. Beach bought Delhi in 2006.
Reg Nelson, Beach's managing director, said the renegotiated
agreement benefits both companies and takes into account changes in
eastern Australia's energy industry and markets, as well as the
growth potential of Delhi's assets.
Delhi produces gas, ethane, crude oil and gas liquids from its
Copper and Eromanga assets in eastern Australia. It has an interest
in about 300 oil and gas fields.
-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094;
robb.stewart@dowjones.com
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