Woodside Assumes Operatorship of Aussie Gas Assets from ExxonMobil
Exxon Mobil Corp has completed the transfer of operatorship of the Gippsland Basin Joint Venture (GBJV) and Kipper Unit Joint Venture (KUJV) to Woodside Energy Group Ltd.
The partners continue to each own 50 percent in the GBJV, which supplies about 40 percent of gas needs on Australia's east coast, and 32.5 percent in the KUJV, Woodside said in an online statement. The remaining 35 percent in the KUJV is held by Japan's Mitsui & Co Ltd.
"This positions Woodside as operator of one of Australia's most significant domestic energy assets", Woodside said. "The Gippsland Basin assets have supplied energy to Australian homes and industry for decades and remain central to east coast energy security".
"Woodside will apply its operating systems, governance and technical capability to support the next phase of the assets' lifecycle, including ongoing production, disciplined investment and planning for late-life asset management and decommissioning", the company added.
Prospects identified in the GBJV area "have the potential to deliver up to 200 petajoules of additional gas supply to the east coast market, leveraging existing infrastructure", Woodside said.
Last year the partners agreed to invest nearly $200 million to develop an additional well to grow production in the Kipper field ahead of winter 2026.
The Kipper 1B project "will bring online much-needed additional gas supply from the Gippsland Basin", ExxonMobil said in a press release February 4, 2025.
The project also involves "significant upgrades to the West Tuna platform", the United States oil giant said.
Chevron Swap
Meanwhile Woodside expects its asset swap with Chevron Corp involving the North West Shelf and Wheatstone liquefied natural gas projects, agreed 2024, to be completed in the second half of 2026.
"Under the proposed transaction, Chevron Australia will transfer to Woodside its 16.67 percent non-operated interest in the North West Shelf Project, NWS Oil Project and its 20 percent non-operated interest in the Angel Carbon Capture and Storage Project", Chevron said in a media release December 19, 2024.
Upon the completion of the transaction, Woodside will hold a 50 percent stake in the NWS Project, 66.67 percent in the NWS Oil Project and 40 percent in Angel CCS, Woodside said separately at the time.
"Chevron Australia will acquire Woodside's 13 percent non-operated interest in the Wheatstone Project and 65 percent operated interest in the Julimar-Brunello Project", added the statement on Chevron Australia's website.
To contact the author, email jov.onsat@rigzone.com
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