New Crux joint venture takes form

Agreement: Shell, Nexus and Osaka gas have executed agreements to form a new joint venture to explore and develop the Crux field off Western Australia

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Josh Lewis

 03 August 2012 06:19 GMT

Australia’s Nexus Energy has executed agreements to form a new joint venture with Anglo-Dutch supermajor Shell and Japan’s Osaka Gas which it says will help accelerate the exploration and development of the Crux gas and condensate field off Western Australia.

The signing of the consolidation agreements between the three companies will leave Nexus with a 17% stake in AC/L9, which contains the Crux discovery as well as the Auriga and Caelum prospects, while Shell will become operator with a 70% interest and Osaka will hold the remaining 3% interest.

Under the agreement Nexus holds a 12 month option to sell 2% of its interest in the joint venture to Shell for A$75 million (US$78.6 million).

Nexus said the joint venture would initially focus on converting the existing AC/L9 production licence to a retention…

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