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JWS advises on Golden Beach underground gas storage project
Johnson Winter & Slattery has advised on the development of a proposed underground gas storage facility, set to be located in Victoria.
Tony Zhang
Firms: Johnson Winter & Slattery (Golden Beach)
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Deal: JWS has advised GB Energy Holdings Limited (GBE) in relation to the development of a proposed underground gas storage facility in Victoria.
Value: Undisclosed.
Area: Energy.
Key players: The JWS team assisting GBE is being led by Peter Rose, and also includes partners John Keeves, Craig Wappett, Peter Smith, Paul Turner and Andrew Wilton.
Deal significance: When developed, the facility will involve the storage of natural gas in the Golden Beach gas field, which is located approximately 4 kilometres off the coast of Gippsland. Gas will be moved into and out of the facility through a pipeline that will connect with existing transmission infrastructure in the vicinity of the Longford gas hub.
The investment will deliver greater energy security to the east coast gas market, enhance supply volumes and deliver Victoria a critical gas storage facility to underpin the state’s push to renewable energy.
The move is a partnership between the Australian Gas Infrastructure Group (AGIG) and GB Energy Holdings Limited (GB Energy), the ultimate owner and developer of the Golden Beach gas field.
“We have been assisting GBE with a range of legal and regulatory issues relating to the development, including land access and native title, as well as with various agreements for the supply of equipment and services,” Mr Rose said.
“We have also assisted the company in relation to equity raising and debt financing, as well as negotiation and drafting of gas sales and storage agreements with the foundation customer of the project, Origin Energy.
“Most recently, we advised GBE in relation to its entry into a non-binding but exclusive [transaction process deed] with Australian Gas Industry Group (AGIG). The agreement sets out the process for negotiating and drafting documentation pursuant to which AGIG will fund, build and operate the midstream infrastructure for the project,” added Mr Rose.
