Australian energy group Woodside has completed the acquisition of half of BHP Billiton’s Scarborough area assets in the Carnarvon Basin, located offshore Western Australia. The companies entered into binding Sale and Purchase Agreements (SPAs) in September 2016, for a purchase price of US$250m and a contingent payment of US$150m payable upon a positive final investment decision to develop the Scarborough gas field. The effective date of the transaction is 1 July 2016.
Woodside thus acquired a 25% stake in WA-1-R operated by ExxonMobil and a 50% interest in WA-62-R (operator), which together contain the Scarborough gas field. Woodside also acquired a 50% interest and operatorship in WA-61-R and WA-63-R which contain the Jupiter and Thebe gas fields. The Scarborough, Thebe and Jupiter fields are estimated to contain gross 8.7 Tcf (245 bcm) of gas resources at the 2C confidence level, including 6.9 Tcf (195 bcm) for the Scarborough gas field alone. Woodside’s net share of the resources is estimated to be 2.6 Tcf (73 bcm) of gas.
With this acquisition, Woodside's Best Estimate Contingent Resources (2C) increase by 462 mboe.