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Woodside expects to reduce stakes in gas field and LNG project

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LNG Industry,

According to Reuters, Woodside is expecting to decrease its stakes in the Scarborough gas field and the Kitimat LNG project, helping it to reduce its CAPEX.

Reuters reports that the Australian oil and gas producer holds a 50% stake in the Kitimat project, and a 75% stake in the Scarborough gas field.

Chief Executive Peter Coleman reportedly said: “We just look at that and say from capital management and risk management point of view we would rather hold less equity. It also helps us fund through this next expenditure cycle if we can reduce our capital requirement.”

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Australia LNG news