PERTH, Western Australia – Woodside and BHP have agreed to align their participating interests across the WA-1-R (Scarborough) and WA-62-R (North Scarborough) titles.
This results in Woodside holding a 73.5% interest and BHP holding a 26.5% interest in each title.
Both companies have also agreed to apply for production licenses in respect of both titles. The agreement is subject to regulatory approvals.
Woodside CEO Peter Coleman said that aligning these interests will support the development of the Scarborough field across the two titles and demonstrates the strong commitment of the joint venture to making a final investment decision this year.
“This is a world-class Australian resource. The production license applications are another key step to unlocking the full value of the Scarborough resource through the expansion of our existing Pluto LNG facility,” he said.
The Scarborough field contains an estimated contingent resource (2C) dry gas volume of 11.1 tcf.
Woodside is targeting a final investment decision for the Scarborough development in 2020 and first cargo in 2024.