Woodside Increases Interest in Blacktip Field
Woodside Energy Ltd. has increased its equity in the Blacktip gas discovery in northern Australia through the acquisition of interests held by Shell Development (Australia) Pty Ltd. in three permits in the Bonaparte Gulf.
Blacktip, about 90km offshore in permit WA-279-P, was discovered in September 2001. It has estimated scope for recovery of 1.1 trillion cubic feet of gas. Woodside has increased its stake in the field from 35% to 70%. As part of the deal with Shell, Woodside has also increased its stake in permit WA-313-P from 33.33% to 66.67% and in permit NT-P- 57 from 60% to 70%.
"Along with our joint venture participant, Agip Australia B.V., we are pursuing gas markets in the Northern Territory and evaluating development opportunities for Blacktip."
Woodside will continue to operate the permits. Terms of the transaction are confidential. Equity interests as a result of this transaction are:
|Companies||Equity pre-sale (%)||Equity post-sale (%)|
|WA 279P||WA 313P||NT/P57||WA 279P||WA 313P||NT/P57|
|Woodside Energy||35||33.33||60||70||66.67||70||Agip Australia B.V.||30||33.33||30||30||33.33||30|
|Shell Development (Australia) Pty Ltd.||35||33.33||10||--||--||--|