Woodside Petroleum completes Scarborough acquisition

Company News

by David Chau

Woodside Petroleum (ASX:WPL) has completed its acquisition of half of BHP Billiton’s (ASX:BHP) stake in the Scarborough area gas fields in Western Australia.

The purchase price for Woodside was US$250 million, and a contingent payment of US$150 million. The contingent payment will be made by Woodside upon making its positive final investment decision to develop the Scarborough field.

Woodside has also appointed Ian Macfarlane, a former minister in the Howard and Abbott governments, as its newest non-executive director. Macfarlane retired from politics in February, this year, after he was demoted to the back bench by current prime minister, Malcolm Turnbull.

Macfarlane’s appointment to Woodside’s board is effective immediately.

Woodside Petroleum reported a net profit of $529.2 million at 30 June 2016.

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