The Patricia and Baleen fields are located in the OMV operated permit VIC/L21, about 24km off the Victorian coast adjacent to the town of Orbost.

Santos said about 60 petajoules of Patricia Baleen gas is already under contract – with a buyer option to take additional quantities at a later stage – and the acquisition is in line with the company's strategy of pursuing opportunities close to the big gas markets in NSW and Victoria.

Santos told the market Patricia Baleen products will be processed at its new facility near Orbost, which is due to come on stream later in the year, and will complement its existing Victorian production from the Otway Basin.

Santos said in a statement to the exchange that the acquisition of this working interest enhances its position in the Gippsland Basin and complements its recent increase in working interest in the Sole field (70%) and existing offshore interests in Kipper (20%) and Golden Beach (66.7%).

After the deal, the participants in the Patricia Baleen development are OMV Australia (operator) 40%, Trinity Gas Resources 40% and Santos 20%.