A plant decorates the booth of Australian petroleum exploration and production company Woodside Energy during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 13, 2023. REUTERS/Chris Helgren/File Photo Purchase Licensing RightsWoodside Energy (WDS.AX), opens new tab inked an agreement on Friday to sell a 15.1% non-operating stake in its Scarborough project to Japanese liquefied natural gas (LNG) buyer JERA for an estimated $1.4 billion, the Australian oil and gas explorer said on Friday.
The estimated deal value comprises purchase price of about $740 million, and reimbursement to Woodside for JERA's share of expenditure incurred from the transaction effective date of Jan. 1, 2022, according to Woodside.
After the stake sale to JERA, Woodside will hold a 74.9% interest in the Scarborough joint venture and remain as the operator.
Completion of the stake sale is expected in the second half of 2024.
