Woodside completes sale of 10% Scarborough interest
Oil and gas major Woodside Energy has completed the sale of a 10% nonoperating participating interest in the Scarborough joint venture (JV) to LJ Scarborough (LNG Japan).
The company in August established a strategic relationship with LNG Japan that involved three elements: equity in the Scarborough JV, potential liquefied natural gas offtake and collaboration on potential opportunities in new energy.
Woodside received $910-million for equity in the JV.
“LNG Japan’s commitment to the Scarborough JV is a demonstration of the value our customers place on gas as a long-term source of energy as they navigate the energy transition.
“Completion of the sale to LNG Japan is a significant milestone as we progress toward first LNG cargo from Scarborough targeted in 2026,” commented Woodside CEO Meg O’Neill.
Woodside also welcomed Japan Organization for Metals and Energy Security’s (Jogmec’s) equity investment in LJ Scarborough.
“Jogmec’s support reflects the contribution Scarborough gas will make to Japan’s energy security.”
Woodside holds a 90% interest in the Scarborough JV and will remain as operator. Following completion of the transaction with JERA announced on February 23, Woodside’s interest will be 74.9%.
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