Apache Corp. has completed the sale of the Wheatstone LNG project and related upstream oil and gas reserves to Woodside Petroleum for US$2.817 billion.
Proceeds include adjustments of US$567 million for reimbursement of Apache's net expenditures in the Wheatstone LNG project, changes in working capital and net receipts from the Balnaves oil project.
Under the terms of the agreement, Apache has sold equity ownership in its Australian subsidiary, Apache Julimar Pty Ltd, which owns a 13% interest in the Wheatstone LNG project and a 65% interest in the WA-49-L block and includes the Julimar/Brunello offshore gas fields and the Balnaves oil development.
The company anticipates the previously announced sale of Apache's 50% interest in the Kitimat LNG project and related upstream acreage in the Horn River and Liard natural gas basins in British Columbia, Canada, to Woodside will close later in April.
Adapted from press release by Katie Woodward