Woodside has completed the sale of a 49% non-operating participating interest in the Pluto Train 2 joint venture (JV) to Global Infrastructure Partners (GIP).
This follows Woodside’s announcement on 15 November 2021 that it had entered into a sale and purchase agreement with GIP. On 22 November 2021, the Pluto Train 2 JV announced its Final Investment Decision (FID), contemporaneously with the FID for the Scarborough development.
Pluto Train 2 is a key component of the Scarborough development and includes a new LNG train and domestic gas facilities to be constructed at the existing Pluto LNG onshore facility. The estimated capital expenditure for the development of Pluto Train 2 from the effective date of 1 October 2021 is US$5.6 billion (100% project).
The JV arrangements require GIP to fund its 49% share of capital expenditure and an additional amount of construction capital expenditure of approximately US$822 million. Woodside’s capital expenditure will be reduced accordingly.
The first LNG cargo from Pluto Train 2 is targeted for 2026.
Woodside CEO Meg O’Neill said she looked forward to developing Pluto Train 2 in close collaboration with GIP. “GIP brings established, global capabilities to the Pluto Train 2 JV which will support delivery of a world-class project.
“The development of Scarborough gas through Pluto Train 2 is expected to deliver significant value to our shareholders, create thousands of jobs and deliver energy to domestic and international customers for decades to come,” she said.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/18012022/woodside-completes-sell-down-of-pluto-train-2/