Awe
Australian oil and gas exploration and production company acquired by Mitsui & Co. in 2018.
Last updated October 28, 2026
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Overview
Australian Worldwide Exploration, commonly known as AWE, was an Australian oil and gas exploration and production company established in 1997. The company was headquartered in Sydney and also maintained an office in Perth. It developed a portfolio of petroleum interests across Australia, New Zealand and Indonesia, combining exploration acreage with producing and development-stage oil and natural-gas projects. AWE expanded its Australian position through a series of acquisitions and joint ventures. In November 1999 it acquired Premier Oil's Australian assets. In early 2001 it obtained a 44.5 percent interest in the undeveloped Yolla field in Bass Strait, helping establish its position in the Bass Strait gas sector. In 2003 it acquired a 25 percent interest in VIC/P44, an Otway Basin permit that included the Casino gas field. Casino entered production in 2006 and became one of AWE's important Victorian gas assets. The company also gained interests in the BassGas project in Bass Strait and the Cliff Head oil project through its 2008 merger with ARC Energy. New Zealand became another important area of activity. AWE acquired the Tui Area in 2006, and oil production began on 30 July 2007. In December 2013 it purchased an additional 15 percent interest in the Tui Area oil project. These assets gave AWE exposure to both upstream oil and gas production rather than exploration alone. AWE began examining Indonesian opportunities in 2006, when it opened an office in Indonesia. Its first drilling activity in the Bulu Basin took place in early 2008. In early 2012 the company acquired full interests and operatorship in two Indonesian production-sharing contracts: the Ande Ande Lumut oil field and the Anambas gas project. These activities broadened its geographic portfolio, although the company's principal asset base remained associated with Australia and the wider Australasian region. The company changed its corporate branding in 2009, adopting the name AWE Limited while continuing to be associated with the Australian Worldwide Exploration identity. It remained listed on the Australian Securities Exchange under the ticker AWE. In December 2016, AWE reported that Stage 1A of the Waitsia gas project had performed above its pre-production expectations, highlighting the importance of Western Australia's Perth Basin gas interests. AWE's independent corporate existence ended in May 2018, when Mitsui & Co. completed its acquisition of the company. AWE was delisted from the Australian Securities Exchange, and the AWE brand was retired. Its history reflects the consolidation of a regional upstream company through acquisitions, project participation and exploration programs across Australia, New Zealand and Indonesia.
History
Australian Worldwide Exploration was founded in 1997 and became an Australian publicly listed upstream oil and gas company. It operated from Sydney, with a Perth office supporting its Western Australian interests, and built a portfolio spanning Australia, New Zealand and Indonesia. The company's early expansion relied substantially on acquisitions and participation in established petroleum projects. In November 1999 it acquired the Australian assets of Premier Oil. Premier Oil later acquired a 23 percent shareholding in AWE in January 2001; that holding was sold in June 2003. Also in early 2001, AWE acquired a 44.5 percent interest in the undeveloped Yolla field in Bass Strait. The Yolla interest contributed to AWE's involvement in the BassGas development in Tasmania. In 2003 AWE acquired a 25 percent interest in VIC/P44 in Victoria's Otway Basin. The transaction included the Casino gas field, which entered production in 2006. Casino became a significant part of AWE's Victorian gas portfolio. In the same period, the company expanded outside Australia. It acquired the Tui Area in New Zealand in 2006, and production from that oil project began on 30 July 2007. AWE later increased its interest in Tui by a further 15 percent in December 2013. AWE entered Indonesia more deliberately in 2006 by opening an office to assess exploration and development opportunities. Its first drilling campaign in the Bulu Basin took place in early 2008. In early 2012 it acquired 100 percent interests and operatorship in two Indonesian production-sharing contracts covering the Ande Ande Lumut oil field and the Anambas gas project. These assets complemented its Australasian operations and gave the company a broader regional exploration and production footprint. A major corporate transaction followed in August 2008, when AWE merged with ARC Energy. The combination increased AWE's equity exposure to the BassGas and Cliff Head projects. In 2009 the company adopted the shorter corporate name AWE Limited, although Australian Worldwide Exploration remained the identity associated with its history and Wikipedia subject. The business continued to trade on the Australian Securities Exchange under the ticker AWE. Western Australia's Perth Basin became increasingly important during the later part of AWE's independent life. On 22 December 2016, the company said that Stage 1A of the Waitsia gas project had exceeded its pre-production expectations. Waitsia, together with the Casino, BassGas, Tui and Cliff Head interests, represented the mixture of gas and oil production and development assets that characterized AWE's portfolio. AWE's independent existence ended in May 2018. Mitsui & Co. acquired the company, after which AWE was delisted from the Australian Securities Exchange and its brand was retired. The company therefore remains historically significant as a regional Australian upstream operator, but it is no longer an active standalone corporate brand.
- 2018
Acquired by Mitsui and delisted
[1]Mitsui & Co. acquired AWE in May, after which the company was delisted and the brand retired.
- 2016
Waitsia Stage 1A exceeds expectations
[1]AWE reported that Stage 1A of the Waitsia gas project had surpassed its pre-production expectations.
- 2013
Additional Tui interest acquired
[1]AWE purchased an additional 15 percent interest in the Tui Area oil project.
- 2012
Indonesian production-sharing contracts acquired
[1]AWE acquired full interests and operatorship in the Ande Ande Lumut and Anambas Indonesian production-sharing contracts.
- 2009
Corporate rebrand to AWE Limited
[1]The company adopted the shorter corporate name AWE Limited.
- 2008
ARC Energy merger
[1]AWE merged with ARC Energy, increasing its interests in the BassGas and Cliff Head projects.
- 2007
Tui oil production begins
[1]Oil production from the Tui Area began on 30 July.
- 2006
Expansion into New Zealand and Indonesia
[1]AWE acquired the Tui Area in New Zealand and opened an Indonesian office to assess exploration and development opportunities.
- 2006
Casino enters production
[1]The Casino gas field in Victoria's Otway Basin was brought into production.
- 2003
Casino gas project interest acquired
[1]AWE acquired a 25 percent interest in VIC/P44, including the Casino gas field.
Products and positioning
Regional upstream oil and gas explorer and producer focused on Australia, New Zealand and Indonesia.
Natural gas project
BassGas
AWE's Bass Strait gas interests included the BassGas project in Tasmania. The company's position in the project was strengthened through its Yolla field participation and later through the ARC Energy merger. BassGas represented one of AWE's principal Australian natural-gas development and production interests.
Natural gas field · 2006
Casino
Casino was a gas field in the Otway Basin of Victoria included in AWE's 2003 acquisition of a 25 percent interest in VIC/P44. The field entered production in 2006 and formed a core part of AWE's Victorian gas portfolio.
Oil project · 2007
Tui Area
The Tui Area was a New Zealand oil project acquired by AWE in 2006. Production commenced on 30 July 2007, and AWE increased its interest by a further 15 percent in December 2013.
Natural gas project
Waitsia
Waitsia was a gas project in Western Australia's Perth Basin. AWE reported in 2016 that Stage 1A had performed above its pre-production expectations, making the project an important later-stage development in the company's portfolio.
Oil field
Ande Ande Lumut
Ande Ande Lumut was an Indonesian oil field covered by a production-sharing contract that AWE acquired with full interest and operatorship in early 2012.
Gas project
Anambas
Anambas was an Indonesian gas project covered by a production-sharing contract acquired and operated by AWE from early 2012.
Oil project
Cliff Head
Cliff Head was an Australian oil project in which AWE increased its equity exposure through the 2008 merger with ARC Energy.
Controversies
2020
AWE fined over electrical incident
AWE was fined more than £600,000 after being found to have failed in its legal duty in an electrical incident that occurred the previous year. The finding and the fine relate to the company's legal duty in connection with that incident. The event was reported on 9 December 2020.
Brand decisions
2018
Acquisition by Mitsui & Co.M&ABackground
AWE owned and participated in oil and gas assets across Australia, New Zealand and Indonesia and remained listed on the Australian Securities Exchange.
Action taken
Mitsui & Co. acquired AWE in May 2018.
Aftermath
AWE was delisted from the Australian Securities Exchange and its independent brand was retired.
2009
Adoption of the AWE Limited nameStrategyBackground
Following its expansion as a regional upstream oil and gas company, the business moved away from the longer Australian Worldwide Exploration name.
Action taken
The company rebranded as AWE Limited while retaining its ASX ticker, AWE.
Aftermath
The shorter corporate identity remained in use until Mitsui & Co.'s acquisition and the subsequent retirement of the brand in 2018.
Recent events
- 2018
Mitsui & Co. acquires AWE and the company is delisted[1]
M&A
Mitsui & Co. acquired AWE in May 2018, ending its independent listed-company status and retiring the AWE brand.
- 2018
Mitsui & Co. completes acquisition of AWE Limited[1]
M&A
Mitsui & Co. acquired AWE in May 2018. The transaction ended AWE's existence as an independent ASX-listed company and the brand was subsequently retired.
- 2016
AWE reports strong early performance from Waitsia gas project Stage 1A[1]
Product generation
AWE said that Stage 1A of the Waitsia gas project in Western Australia had exceeded its pre-production expectations.
- 2016
AWE reports stronger-than-expected Stage 1A performance at Waitsia gas project[1]
Other
AWE said that the performance of Stage 1A of the Waitsia gas project had exceeded pre-production expectations.
Sources3 sources
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