Beach Energy (ASX:BPT) has reached an agreement with Webuild to complete the delivery of the Waitsia Stage 2 project, with a revised total capital expenditure estimate of $400 – 450M net to Beach.
The Waitsia joint venture with Mitsui E&P Australia and Webuild hope the Waitsia Gas Plant will be operational and supplying gas by the end of 2023.
Despite the voluntary administration of Clough, whereby Webuild acquired its Asia Pacific projects, Beach and Mitsui have worked to ensure employees, subcontractors and suppliers can continue to be paid, allowing the project to continue.
Beach Energy's CEO, Morne Engelbrecht says the company looks forward to working with Webuild and Mitsui to complete the project and commencing supply of LNG while continuing to meet its domestic gas commitments.