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Woodside acquires half of BHP Billiton’s Scarborough area assets

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LNG Industry,


Woodside has announced that it has acquired half of BHP Billiton’s Scarborough area assets in the Carnarvon Basin, located offshore Western Australia, for a purchase price of US$250 million and a contingent payment of US$150 million payable upon a positive final investment decision (FID) to develop the Scarborough field.

The effective date of the transaction is 1 July 2016.

Under the terms of the Sale and Purchase Agreements (SPAs), Woodside has acquired a 25% interest in WA-1-R and a 50% interest in WA-61-R, WA-62-R and WA-63-R. Woodside will operate WA-61-R, WA-62-R and WA-63-R, while ExxonMobil is the operator of WA-1-R.

The Scarborough area assets include the Scarborough, Thebe and Jupiter gas fields, which are estimated to contain 8.7 trillion ft3 of dry gas resources at the 2C confidence level.

As a result of the completion of the acquisition, Woodside’s Best Estimate Contingent Resources (2C) increase by 462 million boe.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/15112016/woodside-acquires-half-of-bhp-billitons-scarborough-area-assets/

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