WOODSIDE has launched a fully underwritten entitlement offer to raise approximately A$2.5 billion for the funding of a string of major new growth projects in Australia.

The funding will provide for the acquisition of up to an additional 50% interest in the Scarborough gas field and for general corporate purposes, including funding support for the Scarborough and SNE- Phase 1 developments and to progress development of Browse to targeted FID.

Woodside CEO Peter Coleman said that the Entitlement Offer was an important component of Woodside’s strategy to deliver value-creating opportunities for shareholders.

“The Entitlement Offer provides equity funding for Scarborough and SNE-Phase 1, and supports progression of Browse to targeted FID. These projects are a continuation of our previously announced strategy of unlocking the Burrup Hub and developing oil in West Africa,” Mr Coleman said.

“The acquisition of the additional interest in Scarborough provides greater alignment, control and certainty over a low-cost, high value opportunity ahead of a global LNG supply gap.

“Today’s raising puts Woodside and our shareholders in a strong position. It will allow us to develop new supply that we expect to be materially value accretive,” he said.