Hancock Prospecting and Mineral Resources strike $1.13b WA oil and gas deal

Hancock Prospecting, led by Gina Rinehart, has reached a $1.13 billion deal with Mineral Resources to acquire oil and gas assets in Western Australia’s Perth Basin.

This transaction, which includes projects like Lockyer and Erregulla, bolsters Hancock’s presence in WA’s domestic gas sector. Hancock’s all-cash investment includes $804 million paid by the end of the year, with an additional $327 million dependent on meeting resource thresholds.

The deal not only provides Mineral Resources with essential capital but also establishes Hancock as a leading player in the state’s gas market.

Hancock and Mineral Resources also plan to deepen their collaboration through a joint venture focused on further oil and gas exploration in WA.

Rinehart voiced support for policy changes that could enhance domestic gas supply, emphasizing the critical role of reliable gas to power local industry, especially as WA prepares for a transition with the planned closure of the Collie coal power station by 2030.

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