In September 2016, Woodside completed the acquisition of half of BHP Billiton’s Scarborough-area assets in the Carnarvon Basin offshore Western Australia for US$250 million, the company said Nov. 15.
The Scarborough area assets include the Scarborough, Thebe and Jupiter gas fields, which are estimated to contain 8.7 trillion cubic feet (Tcf) of gross 2C dry gas resources.
A contingent US$150 million payment will be due upon a final investment decision to develop the Scarborough Field.
The transaction’s effective date is July 1, and Woodside first entered binding sale and purchase agreements in September.
Woodside 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 Corp. (NYSE: XOM) is the operator of WA-1-R.
Woodside’s best estimate contingent resources (2C) has now increased by 462 million barrels of oil equivalent, or 2,632 Bcf of dry gas.
Recommended Reading
Romito: Net Zero’s Costly Consequences, and Industry’s ‘Silver Bullet’
2024-04-22 - Decarbonization is generally considered a reasonable goal when presented within the context of a trend, as opposed to a regulatory absolute.
Energy Transition in Motion (Week of April 19, 2024)
2024-04-19 - Here is a look at some of this week’s renewable energy news, including the latest on global solar sector funding and M&A.
Eversource to Sell Sunrise Wind Stake to Ørsted
2024-04-19 - Eversource Energy said it will provide service to Ørsted and remain contracted to lead the onshore construction of Sunrise following the closing of the transaction.
Exclusive: Building Battery Value Chain is "Vital" to Energy Transition
2024-04-18 - Srini Godavarthy, the CEO of Li-Metal, breaks down the importance of scaling up battery production in North America and the traditional process of producing lithium anodes, in this Hart Energy Exclusive interview.
High Interest Rates a Headwind for the Energy Transition
2024-04-18 - Persistent high interest rates will make transitioning to a net zero global economy much harder and more costly, according to Wood Mackenzie Head of Economics Peter Martin.