Woodside Agrees to Sell Stake in Scarborough JV to Japan's Jera for $1.4 Billion
By David Winning
SYDNEY--Woodside Energy said it has agreed to sell 15.1% of the venture developing the Scarborough natural-gas field offshore Australia to Japan's Jera for $1.4 billion as part of a broader strategic relationship.
Woodside said it expects to complete the deal for the nonoperating interest in the second half of this year. The transaction comprises an upfront purchase price of around $740 million, with Jera also reimbursing some of the development costs incurred by Woodside since the start of 2022.
"Jera's participation in the Scarborough Joint Venture, which will also include LNG Japan, is a further demonstration of the importance of the project to Japanese customers and confidence in long-term demand," said Woodside Chief Executive Meg O'Neill.
Woodside said it has concluded an initial agreement to sell six cargoes of liquefied natural gas to Jera annually from 2026. That sale-and-purchase agreement, currently nonbinding, would run for 10 years, it said.
Woodside has also signed a nonbinding agreement to collaborate with Jera on new energy opportunities that include ammonia, hydrogen and carbon capture and storage.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
February 22, 2024 20:27 ET (01:27 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Q4 Stock Market Outlook: Where We See Opportunities for Investors
-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
10 Top-Performing Dividend Stocks of Q3 2024
-
33 Undervalued Stocks
-
Communication Services: Cable’s Broadband Dominance Isn’t as Strong as It Once Was
-
Technology: Strength Continues, With Software Presenting the Best Buying Opportunities
-
Best- and Worst-Performing Stocks of Q3 2024
-
Top Stocks to Own From the Best Fund Managers
-
2 Cheap Stocks Top Managers Have Been Buying
-
The 10 Best Companies to Invest in Now