Woodside has finalised the sale of a 10 per cent non-operating participating interest in the Scarborough Joint Venture to LJ Scarborough Pty Ltd (LNG Japan).

This sale — which was part of Woodside’s strategic relationship with LNG Japan, announced on 8 August 2023 — includes equity in the Scarborough Joint Venture, potential LNG offtake, and collaboration on new energy opportunities.

The sale proceeds for Woodside amount to US$910 million and comprises the purchase price, reimbursed expenditure, and escalation.

Woodside CEO Meg O’Neill expressed satisfaction with the sale’s completion, noting LNG Japan’s commitment as a sign of customers valuing gas as a long-term energy source during the energy transition.

Woodside holds a 90 per cent interest in the Scarborough Joint Venture and will continue as operator.

Following the completion of a transaction with JERA announced on 23 February 2024, Woodside’s interest will be reduced to 74.9 per cent.

As a result of the sale, Woodside’s Scarborough field reserves and contingent resources have been adjusted.

The sale agreement is with LJ Scarborough Pty Ltd, a subsidiary of LNG Japan Corporation (a joint venture between Sumitomo Corporation and Sojitz Corporation) and Japan Organization for Metals and Energy Security (JOGMEC), which has a 49.9 per cent interest in LJ Scarborough Pty Ltd.

The sale proceeds remain subject to adjustments and its completion is expected in the second half of 2024.