Woodside Energy has finalised the sale of a 15.1 per cent non-operating stake in the Scarborough Joint Venture to Japan’s largest power producer, JERA.
Woodside said the sales makes a key expansion in the strategic partnership between the two companies.
The transaction, initially announced in February 2024, includes LNG offtake agreements and collaboration on potential new energy and lower-carbon initiatives.
Woodside received approximately USD $1.4 billion from the sale, which includes the purchase price and reimbursed expenditures.
This sale reduces Woodside’s share of the Scarborough field’s proved reserves by 194.3 million barrels of oil equivalent (MMboe) to 964 MMboe, while its 2P reserves now stand at 1,506.1 MMboe.
Despite the sale, Woodside retains a 74.9 per cent stake and remains the operator of the Scarborough project.
Woodside CEO Meg O’Neill highlighted the partnership’s significance for energy security and the energy transition.
“Participation in the Scarborough Joint Venture is a key part of our strong and highly valued strategic relationship with JERA. That relationship reflects our shared view that gas will play an important role in the global energy transition for decades to come,” O’Neill said.
JERA’s Senior Managing Executive Officer, Ryosuke Tsugaru, noted the importance of LNG in supporting Asia’s transition from coal and meeting rising energy demands.
“JERA and Woodside share a determination to responsibly navigate the energy transition, with LNG set to be an essential firming fuel across the world for many years to come – particularly in developing regions,” he said.
“As population grows, so does the demand for energy and the first step in the energy transition for many countries is to make the move away from coal-fuelled power to LNG.”
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