PERTH, Australia – Woodside Energy has agreed to sell a 15.1% interest in the Scarborough Joint Venture (JV) to Japanese energy company JERA for around $1.4 billion.
The JV is developing the Scarborough gas-condensate field 375 km offshore Western Australia and constructing Train 2 (and modifying Train 10 at the onshore Pluto LNG complex to receive and process the field’s gas.
JERA (Japan’s Energy for a New Era) has a further option to acquire a 15.1% stake in the offshore Thebe and Jupiter fields. In addition, the two parties have entered non-binding agreements concerning potential additional feed gas and joint investment in offshore gas fields for future tieback to Pluto LNG facility via the Scarborough infrastructure.
Woodside has also agreed to provisionally provide carbon management services to help JERA fulfil obligations associated with its share of carbon emissions from the Scarborough JV.
Following completion of the equity sale which Woodside expects to go through later this year, the company will hold a 74.9% interest in the Scarborough Joint Venture and remain as operator. The other partner is LNG Japan (10%).
