Woodside Power Group Ltd. has signed an settlement to promote its producing oil and fuel belongings in Larger Angostura in Trinidad and Tobago to Perenco Group for AUD 206 million ($129.82 million).
The divestment consists of Woodside’s working stakes within the shallow-water Angostura and Ruby oil and fuel fields, in addition to the related manufacturing services and onshore terminal.
The Australian oil and fuel exploration and manufacturing firm owns 45 p.c of Angostura in Block 2(c) and 68.46 p.c in Ruby in Block 3(a). Its Angostura companions are the South American nation’s Nationwide Fuel Co. with a 30 p.c stake and Chaoyang Petroleum (Trinidad) Block 2C Ltd with a 25 p.c stake. In Ruby, Nationwide Fuel owns the remaining 31.54 p.c.
- Advertisement -
Larger Angostura produces about 12 p.c of Trinidad and Tobago’s pure fuel provide, Woodside chief govt Meg O’Neill mentioned in an organization assertion asserting the sale.
“The transaction supplies near-term money circulate to help ongoing investments and shareholder distributions and builds on the Australian asset swap introduced in December 2024, additional simplifying Woodside’s portfolio”, Woodside mentioned.
Woodside and Chevron Australia Pty. Ltd., an oblique subsidiary of Chevron Corp., have entered a swap settlement to consolidate belongings together with the Wheatstone and North West Shelf (NWS) fuel tasks in Western Australia.
Upon the completion of the swap transaction, Woodside will maintain a 50 p.c stake within the NWS Venture, 66.67 p.c within the NWS Oil Venture and 40 p.c within the Angel Carbon, Seize and Storage Venture.
“Chevron Australia will purchase Woodside’s 13 p.c non-operated curiosity within the Wheatstone Venture and 65 p.c operated curiosity within the Julimar-Brunello Venture”, Chevron Australia mentioned December 19, 2024.
Chevron pays Woodside AUD 300 million in money plus as much as AUD 100 million in contingent funds associated to the handover of the Julimar Part 3 Venture and its subsequent manufacturing efficiency.
Woodside and Perenco anticipate to finish their transaction within the third quarter, topic to regulatory approvals and different customary circumstances.
“Woodside expects most of its staff based mostly in Trinidad and Tobago may also switch to Perenco”, Woodside mentioned.
Perenco mentioned individually the Woodside acquisitions will develop its gross fuel manufacturing base in Trinidad and Tobago to 500 million commonplace cubic ft a day.
“Constructing on Perenco’s present operational presence within the Columbus Basin, the Nice Angostura belongings are situated roughly 40 km [24.85 miles] north of Perenco’s legacy TSP belongings (acquired in 2016)”, the Anglo-French upstream firm mentioned.
To contact the writer, electronic mail jov.onsat@rigzone.com
What do you assume? We’d love to listen to from you, be part of the dialog on the
Rigzone Power Community.
The Rigzone Power Community is a brand new social expertise created for you and all vitality professionals to Communicate Up about our trade, share information, join with friends and trade insiders and have interaction in an expert neighborhood that can empower your profession in vitality.
