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%.


Woodside's Gas Business Unit Director, David Maxwell, said the acquisition was consistent with the company's strategy to grow the value of existing gas assets and to build sustained growth in the Australian gas business. "Consolidation of ownership in the Bonaparte Gulf increases our interest in Blacktip and in prospective acreage in the region," Mr Maxwell said.

"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 -- -- --