Plans to Invest AUD300mn in Senex Energy
POSCO International will triple natural gas production in Australia by 2025.
The company announced on Sept. 25 that it has decided to jointly invest AUD300 million (about 280 billion won) in its subsidiary, Senex Energy, together with Hancock Energy, its Australian energy business partner.
Senex Energy is an Australian natural gas producer acquired by POSCO International in April. It racked up sales of 100 billion won and operating profit of 20 billion won in five months until August.
Through this investment, POSCO International will dial up Senex Energy’s annual gas production from 20 petajoules (about 73,320 tons) to 60 petajoules (about 211,000 tons) by the fourth quarter of 2025. Sixty petajoules of natural gas can produce about 1.2 million tons of liquefied natural gas (LNG).
POSCO International plans to expand gas processing facilities in the Atlas and Romanos gas fields through Senex Energy by 2024.
The company is planning to pursue the follow-up development of the existing gas fields, while also actively carrying out test-drilling in the Artemis and Rokybar Blocks it owns. It also plans to purchase additional gas fields.
At the same time, POSCO International is spurring eco-friendly energy businesses such as green hydrogen production through Senex Energy. It is planning to start the construction of a photovoltaic power generation demonstration plant for green hydrogen production in the fourth quarter of this year in collaboration with CS Energy, a power generation company owned by the Australian state of Queensland