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Woodside completes purchase of Canadian LNG assets

LNG Industry,

Woodside Petroleum Ltd has closed the purchase of Apache’s interests in the Kitimat LNG project in Canada.

The transaction successfully closed on 10 April for a purchase price of US$854 million, including US$354 million in adjustments for reimbursement of net expenditures on the project, changes in working capital, and other adjustments.

Under the terms of the sale and purchase agreement, Woodside has acquired a 50% interest in the Kitimat LNG project, including 320 000 net acres in the Horn River and Liard Basins, adding a growth option in an emerging LNG province to the company’s development portfolio.

Woodside added that the company will advise 2015 total investment expenditure expectation during the second quarter, following a review of the work programmes on acquired assets.

Adapted from press release by Katie Woodward

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