Woodside takes over BHP gas assets
Woodside says it has completed the acquisition of 50 per cent of BHP Billiton’s interests in the Scarborough gasfield off the North West coast.
The oil and gas producer said the acquisition had been completed for $US250 million and a contingent payment of $US150 million payable on a positive final investment decision to develop the Scarborough field.
The effective date of the transaction is July 1.
Under the terms of the sale and purchase agreements, Woodside has acquired a 25 per cent interest in WA-1-R and a 50 per cent 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.
ExxonMobil operates WA-1-R.
The Scarborough area assets include the Scarborough, Thebe and Jupiter gasfields, which are estimated to contain gross 8.7 trillion cubic feet of dry gas resources at the 2C confidence level.
At the completion of the acquisition, Woodside’s best estimate contingent resources (2C) will increase by 462 million barrels of oil equivalent.
Woodside has taken over half of BHP’s assets at the Scarborough gasfield.