According to The Australian Financial Review, Mitsui of Japan has confirmed that the Japanese trading house and the Kerry Stokes-backed Beach Energy will proceed with their Waitsia Stage 2 onshore gas project in Western Australia's mid-west.
Mitsui said in a statement the Waitsia Joint Venture (WJV) , which will cost $768 million and produce about 250 terajoules of natural gas a day, had received the crucial final investment decision from the partners recently.
Beach will contribute $350 – 400 million from its existing cash flows and facilities, the company told the Australian Stock Exchange.
The start of production from the Stage 2 development is planned in the second half of 2023.
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