Woodside to buy Hess out of W. Australia permit

Woodside Petroleum Ltd. has bought full control of permit WA-404-P off Western Australian by acquiring 50% stake from Hess Corp. for an undisclosed sum.

Rick Wilkinson
OGJ Correspondent

MELBOURNE, Nov. 1 -- Woodside Petroleum Ltd. has bought full control of permit WA-404-P off Western Australian by acquiring 50% stake from Hess Corp. for an undisclosed sum.

The move gives Woodside full control over the recent Martell, Noblige, Larsen, and Larsen Deep natural gas discoveries and fits neatly with the company’s drive to secure sufficient gas to support the expansion of its Pluto LNG project.

WA-404-P also has several yet-to-be-drilled prospects that could potentially add further reserves.

The deal with Hess is expected to close on Nov. 5 and includes further cash payments on top of the initial payment timed to occur when certain milestones in the project are achieved.

More in Companies