Herbert Smith Freehills has advised Mitsui E&P Australia (Mitsui) on the sale of AWE (AAL) NZ Limited to Indonesian-based PT Bumi Pratiwi Hulu Energi.
AWE (AAL) NZ Limited holds a participating interest in the Northwest Natuna Production Sharing Contract which governs the Ande Ande Lumut heavy oil field development.
The divestment aligns with Mitsui’s active transition strategy to a low-carbon energy future with an invigorated focus on its Australian assets and new businesses.
The Herbert Smith Freehills team was led by Perth corporate energy partner Graeme Gamble with support from senior associate James Moorman and solicitors Annabel Seow and Elliot Holland.
Mr Gamble was assisted by director and head of projects Adrian Wong and senior associate Weihong Lin at Herbert Smith Freehills Prolegis, the firm's foreign law alliance in Singapore, and senior international counsel Matthew Goerke and associate Paskalia Deviani from Hiswara Bunjamin & Tandjung, Herbert Smith Freehills' associate Indonesian firm. New Zealand counsel to Mitsui on the transaction was Webb Henderson.
Mr Gamble commented on the deal: “We are delighted to have worked in synergy with Mitsui as part of its broader decarbonisation strategy. This transaction is indicative of Mitsui’s strong position in a new energy future”.