Woodside Petroleum has entered into a sale and purchase agreement with Global Infrastructure Partners (GIP) for the sale of a 49 per cent non-operating participating interest in the Pluto Train 2 joint venture.
The Pluto Train 2 is a key component of its proposed Scarborough development and includes a new LNG train and domestic gas facilities to be constructed at the existing Pluto LNG onshore facility. The estimated capital expenditure for the development of Pluto Train 2 from the effective date (October 1) is $US5.6 billion.
The joint venture arrangements will require GIP to fund an additional amount of construction capital expenditure of around $US835 million. Woodside’s joint venture capital contributions will be reduced accordingly.
“We are very pleased to have GIP joining us in the development of Pluto Train 2, given their impressive credentials and extensive global capability. We are looking forward to a successful, long-term relationship with them,” said Woodside CEO, Meg O’Neill.
Following completion, Woodside will hold a 51 per cent participating interest in the Pluto Train 2 joint venture and remain as operator. The effective date of the transaction is October 1, 2021 and completion is expected to occur in January 2022.