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Woodside lets go of Legendre
By Upstream staff
Woodside Petroleum has sold its 46% operating stake in the Legendre oilfield off Western Australia for an after-tax profit of about A$45 million (US$36 million).
The company said the sale package comprised its equity in production licence WA-20-L and nearby exploration acreage.
Woodside did not name the buyer, and will act as the interim operator.
The field is in natural decline, and produced about 6500 barrels per day in the quarter ended 31 December 2006.
The other project partners are Apache (31.5%) and Santos (22.5%).
Woodside chief Don Voelte said selling the field would capture earnings and avoid abandonment costs.
He added that selling Legendre was partly about earnings protection given the delays to the Otway and Neptune projects.
The Legendre North and South fields, which lie in 50 metres of water in permit WA-20-L, have been producing since May 2001.
Production is via the Ocean Legend platform, which feeds oil into the Karratha Spirit floating storage and offloading vessel.
Thursday, 22 February, 2007, 03:37 GMT | last updated: Thursday, 22 February, 2007, 07:34 GMT
Hoping the sale will capture earnings:Woodside chief Don Voelte
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