Australia's Woodside Petroleum Ltd. reported Friday that in December 2014 the company entered into a binding transaction with Apache Corporation to acquire Apache’s Australian Wheatstone LNG and Balnaves oil interests and Kitimat LNG project interests in Canada, for an aggregate purchase price of $2.75 billion and an expected closing adjustment of approximately $1.0 billion.
The Australian Wheatstone LNG and Balnaves oil component of the transaction successfully closed April 2 and was subsequently announced to the ASX.
The component of the transaction relating to the Canadian Kitimat LNG project successfully closed today, April 10 for a purchase price of $854 million, including $354 million in adjustments for reimbursement of net expenditures on the project, changes in working capital and other customary adjustments for the period between the effective date, July 1, 2014, and closing.
Under the terms of the Sale and Purchase Agreement, Woodside has acquired a 50 percent interest in the Kitimat LNG project, including approximately 320,000 net acres in the Horn River and Liard Basins, adding a growth option in an emerging LNG province to Woodside’s development portfolio.
2015 Production Range
The 2015 production target range is 86 to 94 million barrels of oil equivalent (MMboe) inclusive of Balnaves oil and Canadian pipeline natural gas production for the remainder of 2015.
Woodside will advise 2015 total investment expenditure expectation during the second quarter once a review of the work programs on acquired assets is completed.
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