ConocoPhillips announces a natural gas discovery in the Otway Basin off the Australian coast, with reserves and commercial viability yet to be estimated. The Essington-1 well is the first discovery in the region since 2021, showing promising results. ConocoPhillips has a 51% stake in the project, partnering with Korea National Oil Corporation and Australian 3DEnergi. The company is also the operator of Australia Pacific LNG, the largest LNG production site in eastern Australia, facing potential mandates to secure domestic supply before exporting LNG. The Australian Domestic Gas Security Mechanism has been criticized for not improving outcomes for gas users.

Read more at Yahoo Finance: ConocoPhillips Hits New Gas Discovery in Australia’s Otway Basin