Australian oil and gas giant Woodside announced the completion of the agreement to acquire half of BHP Billiton’s Scarborough area assets in the Carnarvon basin, located offshore Western Australia.
The acquisition, which was announced last month, was completed for a purchase price of US$250 million and a contingent payment of US$150 million payable upon a positive final investment decision to develop the Scarborough field.
“Under the terms of the Sale and Purchase Agreement, 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 told the ASX.
“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 trillion cubic feet (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,” reads the company’s statement.