Woodside closes Wheatstone deal
PERTH (miningweekly.com) – Australian oil and gas major Woodside’s multibillion dollar transaction with Apache Corporation, to acquire that company’s interest in the Wheatstone liquefied natural gas (LNG) and Balnaves oil interests, as well as the Kitimat LNG project, closed on Thursday.
The Wheatstone and Balnaves projects are located in the Northern Carnarvon basin, offshore Western Australia, while the Kitimat project is located in British Columbia, Canada.
The Wheatstone and Balnaves component of the transaction closed on Thursday for a total consideration of $2.81-billion, included in this was a closing adjustment of $567-million, which represented a reimbursement of Apache’s net expenditure in the projects since July last year.
Under the sales agreement, Woodside acquired Apache’s 13% interest in the Wheatstone LNG project, and a 65% interest in the Julimar-Brunello upstream gas development.
Woodside said on Thursday that the Kitimat component of the transaction would close next week, at an expected cost of around $854-million, which would include a closing adjustment of $354-million.
Under the terms of the Kitimat transaction, Woodside would acquire a 50% interest in the LNG project, including some 320 000 acres in the Horn River and Laird basins, adding a growth option to the company’s portfolio.
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