Woodside announce right to pre-empt the sale of PetroChina

12 Jun Woodside announce right to pre-empt the sale of PetroChina

London, (Oilandgaspress) – Woodside has given notice exercising its right to pre-empt the sale of PetroChina International Investment (Australia) Pty Ltd’s (CNPC) 10.67% participating interest in the Browse Joint Venture (BJV) to a subsidiary of INPEX CORPORATION (CNPC/INPEX Transaction).
The terms of Woodside’s acquisition will reflect those of the CNPC/INPEX Transaction, including:

• Payment to CNPC of US$225 million plus reimbursement of CNPC’s BJV cash call contributions made
  between 30 June 2025 and the completion date; and
• Contingent payment to CNPC of US$175 million upon the BJV taking a final investment decision for
  the development of all of the Brecknock, Calliance and Torosa fields on or prior to 30 June 2032.
  The Browse resource is Australia’s largest undeveloped conventional gas resource with potential production of 11.4 million tonnes per annum of LNG, LPG and domestic gas. Its location off the west coast of Australia creates the opportunity for a major development to supply energy to contribute towards expected LNG demand in the Asia Pacific region and provide a significant new source of domestic gas for Western Australia.
  Woodside’s combined interest in the upstream Browse resource and the North West Shelf onshore
  infrastructure provides the basis for an integrated development concept that Woodside expects could deliver strong returns to shareholders across the value chain and deliver long-term economic benefits for Western Australia and the nation.
  Woodside CEO Liz Westcott said the current levels of interest in Browse, reflected in both the CNPC/INPEX Transaction and bp’s announced transaction with GS Energy, reinforces the quality and scale of the resource.

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