0429 GMT - Could a new round of energy M&A be coming to the Perth Basin of Western Australia, ponders Euroz Hartleys analyst Declan Bonnick. Beach Energy and Mitsui, partners in the Waitsia JV, are likely interested in more natural gas, given recent reserves downgrades and some poor exploration results, Euroz Hartleys says. "Hancock has shown their interest in the basin and the WA domestic gas market, with a hefty balance sheet to be able to make further acquisitions," such as consolidating ownership of the West Erregulla field, Euroz Hartleys says. Also, major gas users like Wesfarmers have been hit by high gas prices in a tightly balanced market, it adds. They could act pre-emptively to protect margins of products such as ammonia as the local gas market nears a supply shortage around the end of the decade. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
September 18, 2024 00:29 ET (04:29 GMT)
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