By OGJ editors
HOUSTON, Feb. 11 -- Woodside Petroleum Ltd., operator of Australia's North West Shelf venture, has agreed to acquire the NWS oil interests of partner Shell Development Australia Pty. Ltd. for $398.5 million, effective Aug. 1, 2007.
Shell's NWS oil assets include its share in Cossack, Wanaea, Lambert, and Hermes oil fields (including the Cossack Pioneer production facility), the Egret oil discovery, and the remaining active oil exploration portfolio within a tieback distance to the Cossack Pioneer.
The sale will increase Woodside's participating interest to 33.33% in Cossack, Wanaea, Lambert, and Hermes fields. The company's interests in the Egret oil discovery area and remaining active oil exploration portfolio within a tieback distance to the Cossack Pioneer will increase to 50%.
The agreement covers estimated proved and probable reserves of 21.3 million boe, and an additional 9.3 million barrels of contingent resources.
