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    Woodside Petroleum Acquires Apache’s Interests in Australian Assets

    Kristen Moran
    Apr. 02, 2015 04:00PM PST
    Oil and Gas Investing

    Woodside Petroleum Ltd. (ASX:WPL) announced it has acquired Apache Corporation’s (NYSE:APA) Wheatstone LNG and Balnaves oil interests in Australia and will also acquire its Kitimat LNG project interests in Canada for an aggregate purchase price of US$2.75 billion and an expected closing adjustment of about US$1.0 billion.

    Woodside Petroleum Ltd. (ASX:WPL) announced it has acquired Apache Corporation’s (NYSE:APA) Wheatstone LNG and Balnaves oil interests in Australia and will also acquire its Kitimat LNG project interests in Canada for an aggregate purchase price of US$2.75 billion and an expected closing adjustment of about US$1.0 billion.

    As quoted in the press release:

    The Australian Wheatstone LNG and Balnaves oil component of the transaction successfully closed on 2 April 2015 for a total cost of US$2.817 billion, including a closing adjustment of US$567 million. The closing adjustment represents reimbursement of Apache’s net expenditures in the Wheatstone LNG project, changes in working capital and net receipts from the Balnaves oil project between the effective date, 1 July 2014, and closing.

    Under the terms of the Australian asset Sale and Purchase Agreement, Woodside has acquired:

    • a 13 percent interest in the Wheatstone LNG Project and a 65 percent interest in the Julimar-Brunello upstream gas development, with near-term production
    • a 65 percent interest in the Balnaves oil project, with immediate production.

    The component of the transaction relating to the Kitimat LNG project interests in Canada is expected to close next week, at an expected cost of approximately US$854 million, which would include a closing adjustment of US$354 million.

    Click here to read the full Woodside Petroleum Ltd. (ASX:WPL) press release.

    canadaaustralianyse:apa
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