Woodside and BHP have agreed to align their participating interests for the Scarborough field off Australia ahead of a final investment decision this year.
The interest cover the WA-1-R (Scarborough) and WA-62-R (North Scarborough) titles, resulting in Woodside holding a 73.5 per cent interest and BHP holding a 26.5 per cent interest in each title ahead of a final investment decision this year.
Woodside and BHP have also agreed to apply for Production Licences in respect of both titles. The agreement is subject to regulatory approvals.
Woodside CEO Peter Coleman said that aligning these interests will support the development of the Scarborough field across the two titles and demonstrates the strong commitment of the joint venture to making a final investment decision this year.
“This is a world-class Australian resource. The Production Licence applications are another key step to unlocking the full value of the Scarborough resource through the expansion of our existing Pluto LNG facility,” he said.
The Scarborough field contains an estimated contingent resource (2C) dry gas volume of 11.1 Tcf. Woodside is targeting a final investment decision in 2020 for the Scarborough development and first cargo in 2024.