Australian conglomerate Wesfarmers has bought a 13.7pc stake in Quadrant Energy, the company that owns the oil and gas assets in Western Australia (WA) bought from US independent Apache for $2.1bn.
Wesfarmers will pay $100mn for the stake from Australian investment bank Macquarie Bank, which will now own 36.3pc of Quadrant with Canada-based and New York listed investment group Brookfield Asset Management.
Quadrant operates the Reindeer, John Brookes and Halyard-Spar gas fields offshore WA and has a minority interest in the Macedon field that is operated by UK-Australian resources firm BHP Billiton. Quadrant said its gas supplies account for about 40pc of WA's domestic gas supplies.
The former Apache assets acquired by Quadrant also include three operating oil fields offshore WA comprising Coniston-Novara, Van Gogh and Stag.
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