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BHP will sell half of its 50% stake in the undeveloped Scarborough gas fields, 300km off the coast of WA, to Woodside Energy.
The transaction comprises 25% of Scarborough, as well as 50% of Jupiter and Thebe.
ExxonMobil holds 50% of Scarborough and is the operator, while BHP holds 100% of Jupiter and Thebe.
The consideration is $250 million cash, as well as $150 million payable on a development decision.
The transaction is expected to close by the end of the year.
BHP shares rose by 1.9% to $A20.23.
