Australian oil and gas company Woodside has completed the acquisition of half of BHP Billiton’s Scarborough area assets in the Carnarvon Basin, located offshore Western Australia.
The acquisition has completed successfully for a purchase price of $250 million and a contingent payment of $150 million payable upon a positive final investment decision to develop the Scarborough field. The effective date of the transaction is July 1, 2016.
Under the terms of the Sale and Purchase Agreements. 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. ExxonMobil is the operator of WA-1-R.
The Scarborough area assets include the Scarborough, Thebe, and Jupiter gas fields, which are estimated to contain gross 8.7 Tcf of dry gas resources at the 2C confidence level.
As a result of the completion of the acquisition, Woodside’s Best Estimate Contingent Resources (2C) increase by 462 MMboe.