Incitec Pivot (ASX:IPL) to put development of Queensland Gas tenement

Company News

by Rachael Jones

Incitec Pivot (ASX:IPL) today announced that the 50/50 joint venture project concerning the coal seam gas acreage (ATP 2031) in Queensland’s Surat Basin has been temporarily paused at the request of its partner Central Petroleum (ASX:CTP).

The oil and gas sector has been significantly impacted by logistical disruptions caused by the COVID-19 pandemic, as well as significant disruptions to the global oil and domestic gas markets.

Incitec Pivot’s (ASX:IPL) gas supply agreement with Central Petroleum (ASX:CTP)., for the supply of natural gas to the Gibson Island site in Queensland ended in December 2019.

Gas supply from Australia Pacific LNG will meet the plant’s needs from 1 April 2020 through to 31 December 2022.

Shares in Incitec Pivot (ASX:IPL) are trading 3.1 per cent higher at $2.01.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.