Woodside completes purchase of Apache assets

Woodside has closed the purchase of Apache interests in Australian assets, according to a statement from the LNG player.

In December 2014, Woodside entered into a binding transaction with Apache Corp. to acquire Apach’es Wheatstone LNG and Balnaves oil interests in Australia, as well as the Kitimat LNG project interests in Canada.

Australia

The Australian Wheatstone LNG and Balnaves oil component of the transaction successfully closed on 2 April 2015, for a total cost of US$2.817 billion, including a closing adjustment of US$567 million.

Under the terms of the sale and purchase agreement, Woodside has acquired the following:

• A 13% interest in the Wheatstone LNG project and a 65% interest in the Julimar-Brunello upstream gas development, with near-term production.
• A 65% interest in the Balnaves oil project, with immediate production.

Canada

The component of the transaction relating to the Kitimat LNG project interests in Canada is expected to close next week, at an anticipated cost of approximately US$854 million (including a closing adjustment of US$354 million).

Woodside will acquire a 50% interest in the Kitimat project, including approximately 320 000 net acres in the Horn River and Liard Basins.

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/02042015/woodside-completes-wheatstone-lng-asset-purchase-530/