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Woodside to acquire LNG project interest

by Pumps Journalist
January 14, 2015
in Company news, left custom widget, LNG, News, Oil & gas
Reading Time: 2 mins read
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Woodside will acquire Apache Corporation’s interest in Australian Wheatstone LNG for US$2.75 billion. The transaction also includes Balnaves oil interests and Kitimat LNG project interests in Canada.

Under the terms of the Sale and Purchase Agreements, Woodside will acquire:

  • A 13% interest in the Wheatstone LNG Project and a 65% interest in the Julimar-Brunello upstream gas development, with a near-term production profile;
  • A 65% interest in the Balnaves oil project, with immediate production; and
  • A 50% interest in the Kitimat LNG project, including approximately 320,000 acres in the Horn River and Liard Basins, adding a growth option in an emerging LNG province to Woodside’s development portfolio.

Woodside CEO, Peter Coleman, said the acquisition was a natural fit with Woodside’s current portfolio and, following a detailed due diligence process, had met Woodside’s internal investment parameters.

“We have taken a disciplined and patient approach to identifying the right growth investment. We are now in a position to take advantage of challenging market conditions and use cash reserves and existing debt facilities to acquire very high quality assets.”

“We are also retaining our previous guidance on dividends and we expect our credit ratings to be unchanged. Our capital commitments on both sanctioned projects and sustaining capital are expected to be at a low level of approximately US$0.8 billion each year over the next three years,” he said.

Financial close is targeted by the end of the first quarter of 2015.

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