Woodside completes ExxonMobil’s Scarborough stake purchase

Australian LNG player Woodside completed the acquisition of ExxonMobil’s interest in the Scarborough gas field.

Woodside has acquired an additional 50 percent interest in WA-1-R, which contains the majority of the Scarborough gas field, and now holds a 75 percent interest.

With its agreement with BHP earlier this month, in which BHP waived its right of pre-emption providing consent to the sale by ExxonMobil to Woodside of its 50 percent interest in WA-1-R, and the Scarborough joint venture, Woodside became the operator of the Scarborough gas field.

Woodside also holds 50 percent interest in WA-61-R, WA-62-R and WA-63-R. These retention leases cover the Scarborough, Thebe and Jupiter gas fields, which are estimated to contain gross (100 percent) contingent resources (2C) of 9.2 Tcf of dry gas. Woodside will operate all of these retention leases.

Following the completion of the acquisition, Woodside added that its contingent resource estimate for Greater Scarborough increased from 485 mmboe to 1,125 mmboe.

The company’s best estimate contingent resources have been boosted by 640 mmboe to 5,652 mmboe.