The Australian energy group Woodside has acquired ExxonMobil's 50% stake in the WA-1-R block in Australia for a total consideration of US$444m and a contingent payment of US$300m upon positive Final Investment Decision (FID). Upon completion of the transaction in the second quarter of 2018, Woodside will have a 75% stake in the asset. The completion is subject to pre-emption rights and regulatory approvals.
The block is located in the Carnarvon Basin, located offshore Western Australia, and includes the Scarborough, Thebe and Jupiter gas fields. They are estimated to contain gross 9.2 Tcf (260 bcm) of gas resources at the contingent resources (2C) confidence level, including 7.3 Tcf (207 bcm) for the Scarborough gas field alone. Upon completion of the acquisition, Woodside’s net share of the resources is estimated to increase from 2.8 Tcf (79 bcm) to 6.4 Tcf (181 bcm) of dry gas.