Woodside Petroleum and Apache Corp. closed the Australian Wheatstone LNG and Balnaves oil component transaction on April 2 for a total cost of US$2.817 billion, including a closing adjustment of US$567 million, according to a news release.
Woodside said it entered the binding transaction in December 2014 to acquire Apache’s Wheatstone LNG and Balnaves oil interests in Australia and Kitimat LNG project interests in Canada, for an aggregate purchase price of $2.75 billion and an expected closing adjustment of about $1 billion.
Under the terms of the Australian asset sale and purchase agreement, Woodside acquired a 13% interest in the Wheatstone LNG project and a 65% interest in the Julimar-Brunello upstream gas development, with near-term production; and a 65% interest in the Balnaves oil project, with immediate production, the release said.
The Kitimat LNG part of the transaction is expected to close next week at an expected cost of about US$854 million, which would include a closing adjustment of US$354 million, the release said. Under the terms of the Kitimat LNG project sale and purchase agreement, Woodside will acquire a 50% interest in the Kitimat LNG project, including about 320,000 net acres in the Horn River and Liard basins.
Recommended Reading
Solar Panel Tariff, AD/CVD Speculation No Concern for NextEra
2024-04-24 - NextEra Energy CEO John Ketchum addressed speculation regarding solar panel tariffs and antidumping and countervailing duties on its latest earnings call.
NextEra Energy Dials Up Solar as Power Demand Grows
2024-04-23 - NextEra’s renewable energy arm added about 2,765 megawatts to its backlog in first-quarter 2024, marking its second-best quarter for renewables — and the best for solar and storage origination.
BCCK, Vision RNG Enter Clean Energy Partnership
2024-04-23 - BCCK will deliver two of its NiTech Single Tower Nitrogen Rejection Units (NRU) and amine systems to Vision RNG’s landfill gas processing sites in Seneca and Perry counties, Ohio.
Clean Energy Begins Operations at South Dakota RNG Facility
2024-04-23 - Clean Energy Fuels’ $26 million South Dakota RNG facility will supply fuel to commercial users such as UPS and Amazon.