Woodside Petroleum Limited
(ASX:WPL) has announced it will acquire half of BHP Billiton’s Scarborough area assets, in a deal worth $400 million.
The assets cover three gas fields; Scarborough, Thebe and Jupiter.
The area is estimated to contain 8.7 trillion cubic feet of gas resources, with Woodside’s net share coming in at around 2.6 trillion cubic feet.
Woodside CEO Peter Coleman indicated the purchase complements the company’s growth strategy and leverages its deep water and LNG capabilities.
Woodside Petroleum Limited reported a net profit of $529.2 million at 30 June 2016.
