Updates with details on supply deal

Nov 10 (Reuters)Australia’s Cooper Energy Ltd COE.AX said on Thursday it will supply up to 10 petajoules (PJ) of natural gas every year to AGL Energy Ltd AGL.AX, the country’s top power producer, for up to six years.

The supply deal is conditional on a final investment decision (FID) being made on a Phase III development at its Otway basin project (OP3D) along the southern coast of Australia, Cooper Energy said.

The FID at the Phase III project is targeted for the first half next year, with first output is expected at 2025, it added.

The firm elaborated that the 8 PJ per year of initial annual supply will be made from the Annie gas field located offshore Victoria for the first three years.

The aggregate 10 PJ per annum natural gas supply deal accounts for around 50% to 70% of Cooper Energy’s share in the Otway gas production.

(Reporting by Sameer Manekar in Bengaluru; Editing by Maju Samuel and Sherry Jacob-Phillips)

((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))

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