Clayton Utz and Freehills have played key roles in the recent agreement for Woodside Energy to sell its interest in the Otway Gas Project in Victoria to Origin Energy Resources - a wholly owned subsidiary of Origin Energy.
The deal, worth $712.5 million, will see Origin acquire Woodside's 51.55 per cent stake in the Otway Gas Project and assume operatorship.
A team from Clayton Utz, led by partners Graham Taylor and Emma Covacevich and supported by partner Andrew Smith and lawyers Sammy Mansour and Andrew Lassman, advised Origin on the transaction. Meanwhile, a Freehills team, lead by partner Rob Merrick and senior associate Sharon Wilson, advised Woodside, working with Tim Hicks and Vanessa Martin from Woodside's in-house legal team.
It's a strategically significant for Origin, which will receive additional earnings from natural gas sold under existing long-term contracts to TRUenergy as well as from LPG and condensate sold from the liquids-rich gas stream. As the operator of both the Otway Gas Project and the BassGas Project, it will look to create a number of benefits by addition scale and capacity to these operations.
For Woodside, the transaction is another step in its strategy to streamline its operations. Freehills' Merrick explained: "The transaction is consistent with Woodside's previously announced strategy of divesting non-core assets and focussing on its LNG development opportunities," he said.