Woodside Completes Scarborough Deal

Woodside November 15 said it has closed the deal to acquire half of BHP Billiton’s Scarborough area assets in the Carnarvon Basin, located offshore Western Australia for $400mn.

On September 5, Woodside said the acquisition includes a 25% interest in WA-1-R and a 50% interest in WA-62-R, which together contain the Scarborough gas field. Woodside will also acquire 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. ExxonMobil is the operator of WA-1-R.

The acquisition has completed successfully for a purchase price of $250mn and a contingent payment of $150mn payable upon a positive final investment decision to develop the Scarborough field. The effective date of the transaction is July 1, 2016.  

As a result of the completion of the acquisition, Woodside’s 2C has increased by 462mn boe.

Shardul Sharma