Woodside completes Scarborough area acquisition
Woodside has completed the acquisition of half of BHP Billiton’s Scarborough area assets in the Carnarvon basin offshore Western Australia.
The purchase price was $250 million and a contingent payment of $150 million payable upon a positive final investment decision to develop theScarborough field. The effective date of the transaction is July 1, 2016.
Under the terms of the sale and purchase agreements, 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. 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 gross 8.7 tcf of dry gas resources at the 2C confidence level.