Key Petroleum is planning to Take 40% Stake in North Perth Basin in Australia from Pilot Energy Ltd.

Australia: Key Petroleum Ltd. has inked an agreement to purchase a 40% stake in the WA-481-P exploration permit, situated in North Perth Basin, Western Australia. This offshore basin is currently owned by Pilot Energy Ltd.

TechSci Research depicts the ongoing exploration of hydrocarbons will have a major impact on crude oil & gas production. Australia has become major exporter of LNG after increased production of natural gas from existing oil & gas fields. Buying of a stake by Key petroleum limited will support the company to increase its capital expenditure for discovery of new oil & gas fields from North Perth Basin. This will ultimately result in creation of incremental demand for natural gas compressors in Australia.

According to a recent report published by TechSci Research, “Global Natural Gas Compressors Market By Technology, By Application, By Region, Competition Forecast and Opportunities, 2011 - 2021”, the global natural gas compressors market is anticipated to cross USD5.5 billion by 2021. The demand for natural gas compressors is anticipated to grow at a robust pace over the next five years. Moreover, increasing upstream, midstream and downstream applications, expanding city gas distribution and replacement of aging compressors are some of the other major factors expected to boost the global natural gas compressors market during 2016-2021.