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ACCC to investigate Woodside-Apache deal

LNG Industry,

The Australian Competition and Consumer Commission (ACCC) has commenced an informal investigation into Woodside Energy’s proposed acquisition of Apache’s LNG interests, which include the Wheatstone, Balnaves and Kitimat project.

The Commission will investigate whether the US$2.7 billion acquisition will reduce competition in the Western Australian gas market. Interested parties have been asked to submit comments related to the acquisition by 2 February.

In December 2014, Woodside announced its intention to acquire the following interests from Apache:

  • 13% interest in the Wheatstone LNG project.
  • 65% interest in the Balnaves oil project.
  • 50% interest in the Kitimat LNG project.

Woodside CEO, Peter Coleman, said the acquisition was a natural fit with Woodside’s current portfolio.

Edited from various sources by Katie Woodward

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