Woodside completes Scarborough assets acquisition

Woodside has completed its acquisition of half of BHP’s Scarborough assets in the Carnarvon Basin in offshore Western Australia.

This included a purchase price of $US250 million, with an additional US$150 payable upon a final investment decision to develop the Scarborough field.

Under the agreement, Woodside receives a 25 per cent stake in Scarborough, and a 50 per cent stake in the nearby Thebe and Jupiter gas fields. These are estimated to contain 8.7 trillion cubic feet (246 cubic meters) of dry gas resources.

With the acquisition, Woodside’s resources increase by 462 MMboe.

Earlier this year, ExxonMobil, which owns 50 per cent of the field, indicated plans for a floating LNG development in the area but said it would be challenging due to the site’s depth and the current LNG market.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.