Woodside Energy Assumes Control of Bass Strait Oil and Gas Operations, Unlocking $60M in Synergies
Woodside Energy announced on Tuesday that it will assume operatorship of the Bass Strait oil and gas assets from ExxonMobil, a move expected to generate approximately $60 million in synergies.
The Bass Strait portfolio includes the Gippsland Basin and Kipper Unit joint ventures. Both Woodside and ExxonMobil each hold a 50% stake in the Gippsland Basin and 32.5% in the Kipper Unit. Until now, ExxonMobil had served as the operator of these assets.
According to Woodside, the change in operatorship will not impact the companies’ equity stakes or their existing decommissioning obligations and provisions.
Under its capital allocation framework, Woodside highlighted the potential for future development in the region.
The company identified four prospective wells that could deliver up to 200 petajoules of gas to Australia’s domestic market.
The announcement follows recent statements by the Australian government indicating it is considering a gas reservation policy for the east coast in response to potential supply shortages.
