Australia-based Woodside completed its purchase Friday of Apache Corporation’s interests in two major LNG projects for $2.75 billion with an expected $1 billion closing adjustment.
Woodside acquired Houston-based Apache’s 50 percent interest in the Kitimat LNG project located in British Colombia for $854 million, including $354 million in adjustments.
The purchase includes 320,000 net acres in the Horn River and Liard Basins that will add “a growth option in an emerging LNG province to Woodside’s development portfolio,” Woodside said.
The company also bought Apache’s Australian subsidiary, Apache Julimar.
The subsidiary owns a 13 percent stake in the Chevron operated Wheatstone LNG project and a 65 percent interest in the offshore Australia WA-49-L block.
Block WA-49-L holds the Balnaves oil development and the Julimar and Brunello offshore gas fields.