Woodside closes purchases of Apache Kitimat liquefied natural gas interest

Source:Woodside

In December 2014 Woodside entered into a binding transaction with Apache Corporation to acquire Apache’s Australian Wheatstone LNG and Balnaves oil interests and Kitimat LNG project interests in Canada, for an aggregate purchase price of US$2.75 billion and an expected closing adjustment of approximately US$1.0 billion.

The Australian Wheatstone LNG and Balnaves oil component of the transaction successfully closed on 2 April 2015 and was subsequently announced to the ASX.

The component of the transaction relating to the Canadian Kitimat LNG project successfully closed today, 10 April 2015 for a purchase price of US$854 million, including US$354 million in adjustments for reimbursement of net expenditures on the project, changes in working capital and other customary adjustments for the period between the effective date, 1 July 2014, and closing.

Under the terms of the Sale and Purchase Agreement, Woodside has acquired a 50% interest in the Kitimat LNG project, including approximately 320,000 net acres in the Horn River and Liard Basins, adding a growth option in an emerging LNG province to Woodside’s development portfolio.

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