Page 12 - AsianOil Week 22 2022

AsianOil OCEANIA AsianOil

Woodside, BHP Petroleum complete merger

PROJECTS & WOODSIDE Energy has completed its cash flow stemming from its larger, more diver-
COMPANIES merger with BHP Petroleum International, sified portfolio will be used to fund committed
the oil and gas business of mining giant BHP. projects, generate returns for shareholders and
Closure of the deal, which was announced help the company to participate in the energy
on June 1, comes after shareholders voted transition.
98.66% in favour of the transaction at “The merger is an opportunity for Woodside
Woodside’s annual meeting, which was held to increase its contribution to the world’s grow-
in mid-May. The deal was first announced in ing energy needs and build the scale, resilience
August 2021. and diversity to thrive through the energy
The merger represents a move away from transition,” Woodside’s CEO, Meg O’Neill, told
fossil fuels for BHP, in line with the energy tran- shareholders.
sition. As a result of the transaction, Woodside Woodside will receive net cash of around
will become a top 10 independent energy com- $1bn, including the cash remaining in BHP
pany globally by production and the largest Petroleum’s accounts prior to completion, and
company to be listed on the Australian Secu- will issue 914,768,948 new shares to BHP. This
rities Exchange. It will have operations in Aus- will give BHP a 48% stake in the combined
tralia, the US, Mexico, Senegal and Trinidad, and company.
its production will double. Woodside produced Shares of the merged entity started trading
248,000 barrels of oil equivalent per day in the on the ASX on June 2 and Woodside said it had
quarter that ended on March 31, while BHP’s begun activities to integrate the two companies.
output for the same quarter came in at 268,000 It anticipates synergies of more than AUD400mn
boepd. ($288mn) per year on a pre-tax basis as a result
Woodside anticipates that the additional of the merger.™

NEWS IN BRIEF

SOUTH ASIA an agreement to provide the T-15, a tender entered into new gas supply agreements with
assisted drilling barge, for a 5 month contract Yara Pilbara Fertilisers to supply natural gas
Aquadrill announces plus a three month priced optional period for to Yara’s liquid ammonia plant on the Burrup
operations in Thailand.
Peninsula in Western Australia.
contract awards for the of the contact is expected to be approximately of natural gas over five years, starting at the
Santos will supply over 120 petajoules
The total contract value of the firm portion
Polaris and T-15 $11.6mn and work is expected to commence completion of Santos’ current agreement with
Yara in 2023.
in August 2022 following reactivation and
Aquadrill and a subsidiary of Vantage Drilling contract preparation. In the event the optional In addition to the gas supply agreement,
have reached an agreement to provide the period is exercised, the total additional Santos and Yara will also work together to
Polaris, a 6th generation drillship, for a nine- contract value is expected to be approximately explore decarbonisation opportunities in
month contract for operations in India with $5.4mn. Western Australia, including carbon capture
Oil and Natural Gas Corp. AQUADRILL, May 31, 2022 and storage.
The total contract value is expected to be Santos Managing Director and Chief
approximately $66.5mn and work is expected Executive Officer Kevin Gallagher said Santos
to commence in Q4 2022 following relocation OCEANIA continues to support Western Australian
of the rig from Sri Lanka to Malaysia for industry through the delivery of competitively
reactivation, contract preparation and Santos signs new gas deal priced domestic natural gas.
upgrades, including equipping the rig with the “We are delighted to extend our agreement
piping required for future use of a Managed with Yara with Yara, reinforcing our position as WA’s
Pressure Drilling system. biggest supplier of domestic gas to the local
In addition, Aquadrill and a subsidiary of Santos, Western Australia’s biggest domestic market,” Mr Gallagher said.
Energy Drilling Management have reached gas supplier, is pleased to announce it has “Working with our customers to explore

P12 www. NEWSBASE .com Week 22 03•June•2022