Woodside, BHP approve US$12bil Scarborough LNG project

“Today’s (yesterday’s) decisions set Woodside on a transformative path. Scarborough will be a significant contributor to Woodside’s cashflows, the funding of future developments and new energy products, and shareholder returns,” Woodside chief executive officer Meg O’Neill said in a statement.

MELBOURNE: Woodside Petroleum and BHP Group gave their final go-aheads to spend US$12bil (RM50.23bil) to develop the Scarborough gas field off Western Australia and expand the Pluto liquefied natural gas (LNG) plant, with the first cargo expected in 2026.

The approval yesterday came at the same time that Woodside and BHP signed an agreement to merge BHP’s petroleum arm into Woodside to create a global top 10 independent oil and gas producer, as announced in August.