Vintage Energy Ltd – Vali Gas Joint Venture

Vintage Energy Ltd, Metgasco Ltd and Bridgeport (Cooper Basin) Pty Ltd (collectively, the Applicants) sought authorisation to jointly market and give effect to supply agreements with customers with common terms and conditions (including price) for gas developed from the new Vali gas field in the Queensland Cooper/Eromanga Basin. The Vali gas field development project is owned by the Applicants pursuant to a joint venture agreement (Vintage 50%, Metgasco 25% and Bridgeport 25%).

The Applicants sought authorisation for a period of 5 years to give effect to supply agreements with customers which may have gas supply terms of up to 15 years.

The Applicants also requested interim authorisation to negotiate and enter into: long term gas supply agreements with customers (conditional on final authorisation being granted); and binding short term gas supply agreements with customers for interruptible supply of gas (until 31 December 2021).

On 29 January 2021, the ACCC granted interim authorisation to enable the Applicants to engage in the conduct requested.

On 26 March 2021, the ACCC issued a draft determination proposing to grant authorisation to the Applicants to jointly market gas produced from the Vali field for five years and, within this period, to enter into gas supply agreements with customers for the supply of Vali gas on common terms and conditions (including price) for terms of up to 15 years.

On 13 May 2021, ACCC issued a final determination to grant authorisation to the Applicants.