Australia’s Woodside Energy has entered into binding agreements to acquire half of BHP Billiton’s Scarborough area assets in the Carnarvon Basin, offshore Western Australia.
The transaction, which is effective July 1, will see Woodside will pay BHP $250m plus a contingent payment of $150m upon a positive final investment decision to develop the field.
Woodside is acquiring a 25% interest in WA-1-R and a 50% interest in WA-62-R, which together contain the Scarborough gas field, and 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 while ExxonMobil is the operator of WA-1-R.
Peter Coleman, CEO of Woodside, said that adding Carnarvon Basin volumes to the Australian portfolio would complement Woodside’s growth strategy and leverage the company’s deep water and LNG capabilities.
Completion is subject to approvals and is scheduled before the end of the year.
