Australian major Woodside and its compatriot BHP have agreed to align their participating interests across the Scarborough (WA-1-R) and North Scarborough (WA-62-R) titles.
The alignment agreement results in Woodside holding a 73.5 percent interest and BHP holding a 26.5 percent interest in each title.
Woodside and BHP have also agreed to apply for production licences in respect of both titles, Woodside said in its statement.
Woodside CEO Peter Coleman said that aligning these interests will support the development of the Scarborough field across the two titles and demonstrates the strong commitment of the joint venture to making a final investment decision this year.
“This is a world-class Australian resource. The Production Licence applications are another key step to unlocking the full value of the Scarborough resource through the expansion of our existing Pluto LNG facility,” he said.
The Scarborough field contains an estimated contingent resource (2C) dry gas volume of 11.1 Tcf.
Woodside is targeting a final investment decision in 2020 for the Scarborough development and first cargo in 2024.