Woodside, BHP Sign Deal on Scarborough Gas Project
March 12 2018 - 2:37AM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Woodside Petroleum Ltd. on Monday said it has signed a
deal with BHP Billiton Ltd. to become the operator of a planned
development of the Scarborough gas field off Australia's west
coast.
In a statement, Woodside said it expects to become the operator
after completing the purchase of Exxon Mobil Corp.'s stake.
Under the agreement, Woodside will grant BHP the option to buy
an extra 10% interest in Scarborough before the end of 2019. The
pair will also hold talks on potentially selling up to a 10% stake
to gas buyers, Woodside said.
Woodside, Australia's largest independent oil and gas company,
last month signed a deal to buy Exxon's 50% interest in an offshore
block that contains the bulk of the Scarborough natural-gas field
for up to US$744 million, including a US$300 million payment when a
final investment decision on developing the asset is made.
The company hopes to complete the deal by the end of the month,
it said.
-Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
March 12, 2018 02:22 ET (06:22 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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