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AsianOil: Woodside sells stake in Scarborough project to LNG Japan

Australian energy giant Woodside has agreed to sell a 10% interest in the company’s Scarborough joint venture to LJ Scarborough, which is a jointly owned subsidiary of LNG Japan, the firm announced on March 26.

The two companies initially began discussions on the deal back in August 2023 when they agreed to establish a strategic relationship, which also included the possibility of LNG offtake from the project and further potential collaboration in clean energy ventures, including hydrogen, ammonia and carbon capture and storage (CCS) technology.

Woodside remains the operator of the Scarborough joint venture located approximately 375 km off the coast of Western Australia. It is currently in the midst of completing the sale of a 15.1% stake to Japan’s biggest LNG importer JERA, which has agreed to pay $1.4bn in a deal that was announced in February.

Upon completion of the sale to JERA, Woodside’s interest in the project will fall to 74.9%.

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