Woodside Buys Half Of BHP’s Stake In Australian Gas Fields

摘要

Woodside Petroleum Ltd. has agreed Sept. 5 to buy half of BHP Billiton Ltd.’s (NYSE: BHP) stake in the Scarborough area gas fields off Western Australia for $400 million, in a move that could help speed a decision to develop the long delayed project. The sale fits with BHP’s effort to shift its petroleum focus to the U.S. and more on oil, while boosting Woodside’s resources without any exploration spending at a time when weak oil and gas prices have dented earnings.