Quadrant increases exploration assets offshore WA
WA companies, such as Santos and Woodside, are struggling with the low oil price. (Santos)
While locally listed Australian oil and gas companies such as Woodside and Santos are finding it tough in the low oil price environment, privately owned Quadrant Energy is steadily increasing its ownership of potentially lucrative gas assets in the remote, shallow-water zone near Port Hedland in Western Australia (WA).
The latest move by Quadrant Energy – owned by Brookfield Asset Management and Macquarie Capital – involves the buy-out of four offshore oil and gas permits in the potentially gas-rich Bedout Sub-basin from privately owned Finder Exploration and Japan’s JX Nippon.