Woodside to buy Exxon’s stake in Scarborough gas field

Woodside is to buy ExxonMobil’s 50% stake in the Scarborough gas field offshore Western Australia for up to $744 million.
By Staff reporter 14 February 2018 0 29582

Woodside Petroleum has entered into a binding agreement to buy ExxonMobil’s 50% stake in the Scarborough gas field in the Carnarvon Basin offshore Western Australia for up to $744 million.

Woodside aims to complete the deal by the end of next month, after which it will have a 75% interest in WA-1-R, which contains the majority of the Scarborough field. The company plans to sell A$2.5 billion ($1.97 billion) of shares to fund the acquisition and future development.

“Woodside’s decision to raise A$2.5 billion in capital...

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