Woodside Addition Positive For Scarborough

摘要

Australia's largest oil and gas (O&G) firm Woodside Petroleum agreed to purchase half of BHP Billiton's 50.0% stake in the offshore Scarborough gas fields, Western Australia, for a fee of USD400mn. This marks a small step forward for the long-delayed development, which has an extensive below-ground resource of 226.0-283.0bcm of gas, according to company estimates. Headwinds on the project include the remote location of fields, booming supply in the global LNG market, weak LNG prices and the impact on contract negotiations, as well as weak oil prices limiting company spending on high-cost projects.