ACCC calls for submissions on Woodside/Apache deal
PERTH (miningweekly.com) – The Australian Competition and Consumer Commission (ACCC) has launched an investigation into the proposed $2.75-billion transaction between ASX-listed Woodside and Apache Corporation.
In December, Woodside announced that it would acquire Apache’s share in the Wheatstone liquefied natural gas (LNG) project, in Western Australia, as well as the Balnaves oil interest and the Kitimat LNG project, in Canada.
Under the sales agreement, Woodside would acquire Apache’s 13% interest in the Wheatstone LNG project, and a 65% interest in the Julimar-Brunello upstream gas development.
Wheatstone is located 12 km west of Onslow and would consist of two LNG trains with a combined capacity of 8.9-million tonnes a year, along with a domestic gas plant.
Woodside was also acquiring Apache’s 65% interest in the Balnaves oil project, and its 50% interest in the Kitimat LNG project, which includes around 320 000 acres in the Horn River and Liard basins, and adds a growth option in an emerging LNG province to Woodside’s development portfolio.
The ACCC has now sent out a request for submissions on the proposed acquisitions, to investigate the impact the acquisition would have on competition in Australia.
The ACCC said in a letter that it was seeking views on how the proposed acquisition would impact wholesale gas prices in Western Australia, as well as the level of production and supply of wholesale gas in Western Australia.
Respondents had until February 2 to make their submissions.
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