Woodside closes Apache’s Kitimat LNG assets acquisition

Woodside closes Apache's Kitimat LNG assets acquisition

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 interest in Canada.

The transaction had an aggregate purchase price of US$2.75 billion and an expected closing adjustment of approximately US$1.0 billion, the company said in a statement.

The Australian Wheatstone LNG and Balnaves oil component of the transaction successfully closed on 2 April 2015.

Woodside revealed that the component of the transaction relating to the Canadian Kitimat LNG project also closed 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.

Image: Kitimat LNG

 

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