LNG Japan has entered the Scarborough gas project offshore Australia after acquiring a 10% stake from Woodside Energy Group. The transfer cost LNG Japan about US$500m.
The transaction, which still pends government approvals, should be complete by early 2024. LNG Japan's overall investment, including compensations to Woodside related to previous project expenses, should total US$880m then.
Once the acquisition is approved, Woodside will still retain a 90% operating stake in Scarborough.
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