PERTH (miningweekly.com) – Oil and gas major Woodside has completed the acquisition of half of major BHP Billiton’s Scarborough area assets.
The two companies in September struck an agreement under which Woodside would pay BHP $250-million and a contingent payment of $150-million upon a positive final investment decision to develop the Scarborough field.
The Scarborough area assets include the Scarborough, Thebe and Jupiter fields, which are estimated to contain about 8.7-trillion cubic feet (tcf) of gas resource, with Woodside’s net share of the resource estimated to be 2.6 tcf of gas.
BHP said on Tuesday that all the required approvals for the transaction had been secured and the relevant documents were signed to finalise the transaction.
As a result of a completion of the transaction, Woodside’s best estimate contingent resource has increased by 462-million barrels of oil equivalent.