Woodside, BP Amoco announce agreements

Woodside Energy Ltd., Perth, Australia, said it will acquire from London-based BP Amoco PLC rights to undeveloped oil discoveries and future oil discoveries in the North West Shelf venture offshore western Australia.


Woodside Energy Ltd., Perth, Australia, said it will acquire from London-based BP Amoco PLC rights to undeveloped oil discoveries and future oil discoveries in the North West Shelf venture offshore western Australia.

The agreement calls for Woodside to acquire BP Amoco's one-sixth share of the reserves associated with the undeveloped Egret and Dixon oil discoveries and BP Amoco's one-sixth share of any subsequent oil discoveries.

Woodside also has agreed through a separate arrangement to provide BP Amoco with additional equity in three exploration permits in Australia's offshore Canning basin and cover BP Amoco's share of exploration costs of $8.5 million (Aus.) in these permits over the next 3 years.

Woodside currently holds 16% interests in these three permits, with BP Amoco currently holding 26% interests in two wells and 19% in a third well.

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