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Wood Group PSN (WGPSN) Australia, has acquired Wagners Oil & Gas’s 45% shareholding in the joint venture company Wood Group Wagners.
Wood Group Wagners was set up by Wood Group and Toowoomba-based Wagners in March 2010 in Brisbane to provide Queensland’s gas producers with a flexible, fit-for-purpose solution for developing coal seam gas (CSG). The venture combined Wood Group’s global CSG experience with the local supply chain capability of Wagners.
The Wood Group Wagners company name and brand will change to WGPSN Queensland and will now operate as an integrated part of WGPSN’s business in Australia.
Matt Gavin, WGPSN managing director for Australia & Asia Pacific said: “As part of our overall review of our global business, we now believe the best way to deliver our portfolio to the market is through the broad capability of Wood Group PSN.
“We broadened our engineering and project management capability in Australia with this JV and today we are in an excellent position to be able to build on our portfolio of brownfield projects in the region.”
WGPSN employs around 250 people in Queensland across a number of sites, from Brisbane to Toowoomba and Chinchilla in the southeast, and Gladstone in the north.
Australia holds the fifth largest coal reserves in the world and the CSG market has recently seen significant growth to satisfy Asian economies’ growing long-term energy needs.