Woodside Energy Group (ASX:WDS) is in talks with ‘high quality’ companies seeking to buy a share in its $5.7 billion Scarborough gas project that will supply an expansion of the Pluto LNG export complex in Australia. But the company will not sell unless it gets the right price, Chief Executive Meg O’Neill said on Tuesday.
Woodside has been seeking to sell down its holding in its largest growth project on and off for more than 18 months. It now owns 100% in the wake of its takeover of BHP Group’s oil and gas business.
“We’re not going to fire sale this critical asset,” O’Neill told analysts after reporting a five-fold increase in half-year profit.
The proposed sell-down in Scarborough offshore Western Australia was first discussed 13 months ago. Woodside’s aim now is to find the right partner at the right price.