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Brookfield Asset Management and Macquarie Capital’s successful $US2.1 billion play for a slice of Apache Energy’s Australian oil and gas business has spawned the creation of a new Perth-based energy company, dubbed Quadrant Energy.
The company went public with a website late on Friday following the transfer of ownership of Apache’s Western Australian-based assets to the consortium. Quadrant will now operate the Varanus Island and Devil Creek gas plants. It also has a stake in BHP Billiton’s Macedon gas plant.
Quadrant Energy has set up base in Perth’s CBD on St Georges Terrace which is already home to many local and international oil and gas companies, including Japan’s Inpex.
Quadrant, which is being led by founding chair Macquarie executive director Kate Vidgen, has taken on the role of being one of WA’s biggest gas suppliers, supplying more than 40% of the state’s domestic gas needs.
The previous Apache WA staff and management have been retained by Quadrant, which will be led by Brett Darley.
Darley said the company would continue to underpin the state’s energy market and contribute to Australia’s energy security as a major domestic gas and oil producer.
“Exploration will remain a major focus for Quadrant Energy, with drilling activity on the Levitt prospect and Roc-1, associated with the recent Phoenix discovery, in the Carnarvon Basin scheduled to be undertaken in the second half of this year,” he said.
“Our company will be of significant size and capability to our industry peers, with much room and opportunity to grow over coming years.”
Touting the new company’s credentials, Darley said Quadrant had an extensive portfolio of producing assets and prospective exploration targets, a substantial base of contracted sales, and proven management capability.
Lauren Barrett can be reached at lbarrett@hartenergy.com
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