COP's Essington-1 Well Confirms Gas Presence Offshore Australia

Core Insights - ConocoPhillips (COP) has reported promising results from its offshore exploration in southeastern Australia, having encountered natural gas, with drilling operations starting on November 1, 2025 [1][9] - The exploratory campaign includes six wells across two permits, with the option to drill four additional wells [2] - The first well, Essington-1, has shown gas columns in two target zones, and drilling for the second well is scheduled for December [3][9] - The partnership in the Otway Basin includes ConocoPhillips, 3D Energi, and the Korea National Oil Company, aiming to discover commercially viable gas resources to address anticipated gas shortages on Australia's east coast by the end of the decade [4] Company Operations - The first exploration well, Essington-1, will be plugged and abandoned after operations are completed, followed by the second well [2] - The exploratory campaign is significant for domestic gas supply, particularly as Australia faces potential shortages in the near future [4] Industry Context - The discovery of gas resources in the Otway Basin is crucial for Australia's east coast, which is expected to experience major gas shortages by the end of the decade [4]