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Woodside Petroleum Announces to Operate Scarborough Gas Field

12 Mar 2018  |  16:35:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Woodside to Operate Scarborough

Woodside Petroleum and BHP announced that they have entered into an agreement in relation to the development of the Scarborough gas field. Under the agreement BHP waived its right of pre-emption and provided its consent to the sale by ExxonMobil to the Company of its 50% interest in WA-1-R and the Scarborough JV Operating Agreement. The Company will become the Scarborough operator on completion of the transaction between ExxonMobil and Woodside. The Company also grants BHP an option to purchase a 10% interest in Scarborough on equivalent consideration and terms to the transaction with ExxonMobil. The option may be exercised by BHP at any time prior to the earlier of 31 December 2019 and approval to commence the front-end engineering and design phase of the Scarborough Development etc.

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