The Queensland Government has approved all conditions for Beach Petroleum to assume full ownership and operatorship of the Bodalla oilfields in the State's southwest.

Beach MD - Reg Nelson

The Government go-ahead covers production and retention licences, authority to prospect and environmental licence conditions.

As a result of the approval, Beach now moves to 100% ownership of the oil-producing Bodalla fields, compared with its 22% interest previously.

"Production volumes from Bodalla now attributable to Beach are expected to total around 500,000 barrels over the next 12 months," said Beach's managing director, Reg Nelson.

"On an average oil price of A$45.20 per barrel, this will deliver a full year revenue contribution for 2002/2003 of about $13.7 million or just over $1 million a month," he said.

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