Woodside, BHP Billiton complete Scarborough asset deal

11/15/2016

PERTH, Australia -- Woodside has completed its acquisition of half of BHP Billiton’s Scarborough area assets in the Carnarvon basin, offshore Western Australia.

The acquisition included a purchase price of $250 million and a contingent payment of $150 million payable upon a positive final investment decision to develop the field. The effective date of the transaction is July 1, 2016.

Under the terms of the transaction, 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. Exxon Mobil is the operator of WA-1-R.

The Scarborough area assets include Scarborough, Thebe and Jupiter gas fields, which are estimated to contain 8.7 Tcf (gross) of dry gas resources at the 2C confidence level.

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