Woodside to acquire half of BHP Billiton’s Scarborough area assets

Woodside has entered into binding Sale and Purchase Agreements to acquire half of BHP Billiton’s Scarborough area assets in the Carnarvon Basin, located offshore Western Australia.

The acquisition includes a 25% interest in WA-1-R and a 50% interest in WA-62-R, which together contain the Scarborough gas field. Woodside will also acquire a 50% interest in WA-61-R and WA-63-R, which contain the Jupiter and Thebe gas fields.

Woodside will operate WA-61-R, WA-62-R and WA-63-R. Woodside will pay BHP Billiton US$250 million on completion of the transaction and a contingent payment of US$150 million upon a positive final investment decision to develop the Scarborough field.

The Scarborough area assets include the Scarborough, Thebe and Jupiter fields, which are estimated to contain gross 8.7 trillion ft³ of gas resources at the 2C confidence level. Woodside’s net share of the resources is estimated to be 2.6 trillion ft³ of gas.

Woodside CEO, Peter Coleman, said: “We look forward to working with ExxonMobil and BHP Billiton following completion of the transaction to progress commercialisation of these world-class resources.”

Edited from press release by Angharad Lock

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/05092016/woodside-to-acquire-half-of-bhp-billitons-scarborough-area-assets-3001/