Woodside becomes Scarborough operator

Woodside Energy and BHP have reached an agreement over the development of the Scarborough gas field located in WA-1-R off the coast of Western Australia.

Under the agreement, Woodside will become the operator on completion of Woodside’s purchase of ExxonMobil’s 50 per cent interest in the field.

Furthermore, the agreement also outlines that:

  • BHP waives its right of pre-emption and provides its consent to the sale by ExxonMobil to Woodside of its 50 per cent interest in WA-1-R and the Scarborough Joint Venture Operating Agreement, resulting in Woodside holding a 75 per cent interest in Scarborough
  • Woodside grants BHP an option to purchase an additional 10 per cent interest in Scarborough on equivalent consideration and terms to the ExxonMobil deal. The option may be exercised by BHP at any time before 31 December 2019 and approval to commence from front-end engineering and design (FEED) phase of the project
  • Woodside and BHP will undertake good faith discussions in relation to: the unitisation of of WA-1-R and the adjacent WA-62-R (with both holding a 50 per cent interest); potential offers to sell up to a 10 per cent interest in Scarborough to foundation LNG buyers on a pro-rata basis; and technical and commercial arrangements for Scarborough development.

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