MELBOURNE, Mar. 17 -- Woodside Petroleum Ltd. completed the sale of its 51.55% interest in the Otway gas project in Victoria to Sydney partner Origin Energy Ltd. and Melbourne-based Benaris International NV.
The sale includes Woodside’s interest in the offshore and onshore facilities and permits, which include the Thylacine and Geographe fields and the onshore treatment plant near Port Campbell.
Origin, already a joint venture partner, increased its interest from 30.75% to 67% for the price of $520 million (Aus).
Benaris, also a JV partner, raised its share to 27.77%.
Woodside expects to hand over operatorship of the project to Origin during the second quarter. It will continue as operator in the interim.