Exploration & Production

Woodside receives approval to buy Exxon’s Scarborough stake

Woodside Petroleum has obtained approval to buy ExxonMobil’s 50% interest in Australia’s Scarborough gas field.
By Staff reporter 12 March 2018 0 29962

Woodside Petroleum has obtained approval to buy ExxonMobil’s 50% interest in Australia’s Scarborough gas field, according to Reuters.

BHP Billiton, which partly owns the development, has agreed to the sale, which will see Woodside pay $744 million to take its overall share to 75%. The deal is expected to conclude by the end of the quarter.

Woodside has also granted BHP the option to buy an additional 10% in Scarborough on the same terms as the Exxon deal.