Vinson & Elkins and Clifford Chance have the lead roles on a $3.75 billion deal which will see Australian oil producer Woodside Petroleum Ltd. acquire interests in oil and liquefied natural gas projects from Houston-based Apache Corp.
Woodside Petroleum will pay $2.75 billion for stakes in four assets in Australia and Canada. The Perth-based oil company will buy Apache’s 13 percent stake in Wheatstone, an offshore LNG project in Australia majority owned by Chevron Corp. and its 65 percent stake in two offshore upstream gas fields—Julimar and Brunello, with Kuwait Foreign Petroleum Exploration Co. (KUFPEC) owning the remainder. Woodside will also acquire Apache’s 65 percent interests in Balnaves, an offshore oil-and-gas development in Western Australia. KUFPEC also holds the remaining 35 percent.
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