Woodside Petroleum Ltd has sold its 54 per cent Blacktip gas field interests to Italian-based oil giant ENI in a $40 million deal.
The arrangement with Eni Australia BV includes interests in two other fields.
It follows a major setback for the marketing of gas from Blacktip when an agreement to supply the Alcan alumina smelter in Arnhem Land fell over due to a pricing disagreement.
SALE OF BLACKTIP AND PENGUIN INTERESTS
Woodside Petroleum Ltd. advises that its wholly owned subsidiary, Woodside Energy Ltd., has agreed to sell its Blacktip and Penguin interests in northern Australia to Eni Australia BV.
Effective from 1 December 2005, Eni will buy Woodside's interest in WA-279-P (53.85%), containing the Blacktip gas field, and WA-313-P (50%) containing the Penguin field.
In addition, Eni will acquire Woodside's interest in WA-34-R containing the Rubicon and
Prometheus fields. The sale of WA-34-R is subject to the consent of other joint venturers.
The sale of Woodside's interests in all permits is subject to approval by Australian regulatory
authorities.
Total consideration for all three interests is US$30 million.