According to the August 12 strategy document, Beach aims to improve its returns from its Cooper Basin interests in the long term, will form a team to reinvigorate exploration in the area, undergo a comprehensive basin analysis across South Australia and Queensland and has also set up a team that is currently screening acquisition opportunities.
The company has also reportedly identified marginal assets, which are ear‐marked for potential divestment pending.
On the east coast, Beach Energy says it will move to farm‐down its onshore Otway Basin permits “with a suitable partner to be identified”. The company will continue 3D seismic on its offshore Otway Basin permit and review the Manta business case in the offshore Gippsland Basin where the firm has a 35 per cent stake and an estimated 23 PJ of gas per annum has been identified.
And in an effort to expand Beach’s growth opportunities in areas beyond the Cooper Basin, the company has confirmed it will undergo farm‐downs and reviews of its Bonaparte Basin and New Zealand Canterbury Basin propositions over the next two years.
Beach’s ambitious plan to grow to one of Australia’s biggest oil and gas firms comes amid a widely reported crackdown on CAPEX spending at the company.