ENERGY giant Apache is ramping up its presence in WA's Canning Basin, announcing a multi-million dollar deal with Buru Energy to explore one of the world's largest shale gas resources.
Under the deal Buru Energy will operate exploration permits in the Goldwyer Shale areas of the Canning Basin in WA's north west, with Apache Energy earning a 40 to 50 per cent interest in the permits.
Apache will pay Buru and Mitsubishi Corporation an option fee of around $7.2 million and up to 80 per cent of the costs of the 20,000 square kilometre survey being conducted over the Acacia permits.
Apache said it had entered into the farm-in agreement with Buru and Mitsubishi as part of its commitment to exploration and development in Australia.
"This is an early stage exploration agreement where we have agreed to examine opportunities for further development with the joint venture," the company said in a statement.
The remote onshore Canning Basin, stretching from the WA coast between Port Hedland and Broome to the state's eastern border, has received attention from other major oil and gas players such as Hess and PetroChina.
Mitsubishi has committed about $60 million for exploration with Buru Energy and ConocoPhillips plans to spend $120 million on seismic testing.
The 530,000-square-kilometre Canning Basin is estimated to hold about 229 trillion cubic feet of unconventional gas resources, but the area as extremely remote and little drilling has occurred to date.
At 1550 AEDT, Buru shares were three cents lower at $1.53.
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