© 2014 The Texas Lawbook.
By Natalie Posgate – (December 15) – Houston-based Apache Corporation has entered into a binding agreement with Perth-based Woodside Petroleum Limited to sell its Wheatstone LNG and Balnaves oil interests in Australia and its Kitimat LNG project interests in Canada for $2.75 billion.
Apache will also be reimbursed $1 billion for its net expenditure in the Wheatstone and Kitimat LNG projects between June 30 and the closing date, which is expected in the first quarter of 2015.
Woodside turned to partner Kaam Sahely of Vinson & Elkins in Houston to lead its end of the deal. Sahely received assistance from fellow Houston partner Jeff Floyd, New York partner David Cohen, Houston associates Megan Stephens and Kathleen Turner and Hong Kong associates Paul Greening, Emily Barlass and James Collins.
V&E worked with Perth-based in-house Woodside lawyers on the deal, but Sahely said Wojciech Grzech, one of the principal lawyers in the deal, was until recently based in Woodside’s Houston office. Sahely added that V&E is currently handling two other matters for Woodside.
Apache hired the “Magic Circle” law firm Clifford Chance for the deal.
The closing of the transaction is subject to government and regulatory approvals and post-closing adjustments.
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