Sydney-based Origin Energy Ltd. plans to divest its interest in Australia’s Beetaloo Basin and end its involvement in a joint venture (JV) to develop unconventional natural gas resources in the play as it continues to focus on energy transition initiatives. 

Australia Gas

Origin – which also has power generation assets and utility businesses in Australia, Papua New Guinea and the South Pacific – disclosed Monday it would sell its 77.5% stake in the Beetaloo to an affiliate of Tamboran Resources Ltd. Tamboran’s largest shareholder is former Parsley Energy Inc. CEO Bryan Sheffield, the son of Pioneer Natural Resources Inc. CEO Scott Sheffield. 

Tamboran has agreed to pay $60 million for the Beetaloo Basin assets located in the Northern Territory. It would also pay a 5.5% royalty on the...