Beach Energy reached an agreement with Webuild SpA

Beach Energy Limited (ASX: BPT) announced that it had reached an agreement with Webuild SpA to complete the supply of the Waitsia Stage 2 project, subject to finalisation of the Clough Limited administration. The company has increased its total capital expenditure estimation to AU$400 to AU$450 million from Beach's original capex estimate of AU$350 to AU$400 million after Webuild's due diligence and review of cost and work schedules were completed.

The Waitsia JV and Webuild expect the first gas from the Waitsia Gas Plant by the end of 2023. After the company's earlier announcement on 06 December 2022 about the voluntary administration of Clough Limited, Beach and Mitsui E&P Australia, its JV partner, and Waitsia operator, have worked with Clough management to confirm employee wages, subcontractors and suppliers continue to get paid, permitting the Waitsia Gas Plant construction to remain during this challenging time.

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