Woodside and JERA executed a binding sale and purchase agreement in February 2024 for the sale of a 15.1% non-operating participating interest in the Scarborough JV, covering the Scarborough gas field and associated offshore and subsea infrastructure for an estimated total consideration of $1.4 billion.

The deal entails the purchase price of around $740 million and reimbursement to Woodside for JERA’s share of expenditure incurred from the effective date of January 1, 2022. According to the Australian player, the partial divestment has been finished and the firm has received the sale proceeds of approximately $1.4 billion.

Meg O’Neill, Woodside’s CEO, commented: “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. This latest sale of equity in Scarborough again underlines the long-term value Japanese customers like JERA are placing on gas and the significance of LNG in Japan and the region’s energy security.

“In addition to supplying markets in north Asia the project will be an important source of gas for the domestic market in Western Australia. The team is delivering the Scarborough energy project to plan and work is now almost three-quarters complete. We remain on track for targeted first LNG cargo in 2026.”