17 December 2017
BHP will transition to separate marketing for its share of the Gippsland Basin Joint Venture (GBJV), following a voluntary agreement with the Australian Competition and Consumer Commission (ACCC).
BHP has cooperated with the ACCC and strongly believes it has complied with the Competition and Consumer Act at all times.
The move will allow BHP to leverage its significant experience in marketing oil and gas products globally. This voluntary decision also ends uncertainty for BHP, GBJV and the market. The market is looking for certainty following a period of rapid change.
GBJV has reliably met the needs of the Eastern Australia domestic gas market for around 50 years, however the market has evolved significantly since the inception of GBJV. The decision to move to separate marketing recognises that evolution and the mature stage of asset life.
BHP will continue to meet its GBJV commitments and its role in supplying the Eastern Australia domestic gas market into the future. Earlier this year, the GBJV completed a $5.5 billion project - the largest single investment ever into Australia’s domestic gas supply.