Woodside Petroleum has agreed to acquire a 50% interest in block WA-1-R in the Carnarvon Basin offshore Western Australia from Esso Australia Resources for $744m.

The deal is expected to be completed by the first quarter of 2018.

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The WA-1-R block contains the Scarborough gas field, which is located approximately 220km north-west of Exmouth in 950m (3,116.8ft) of water.

The field is currently owned by Esso Australia (50%, operator), Woodside Petroleum (25%), and BHP Billiton Ltd (25%). The owners of the field after the deal will include Woodside Petroleum (75%, operator) and BHP Billiton (25%).

Woodside Petroleum will raise A$2.52bn ($1.97bn) to fund the deal through a pro-rata renounceable entitlement offering of 93 million shares priced at A$27 ($21.15) a share.

Based in Australia, Woodside Petroleum is an oil and gas company, while Esso Australia Resources, a subsidiary of Exxon Mobil Corporation, is a US offshore platforms operator.

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UBS AG and Morgan Stanley Australia Securities Limited have been appointed as the underwriters for the offering.

“It is estimated to contain gross recoverable reserves of 97 million metric barrels of oil equivalent.”

The deal is expected to add to Woodside Petroleum’s oil and gas properties in Australia.

Suncor Energy has entered an agreement to acquire 17.5% interest in the Fenja field from Faroe Petroleum for C$68m ($54.5m).

Fenja field is in licence PL586 of the Norwegian Sea in blocks 6406/11 and 12. It is estimated to contain gross recoverable reserves of 97 million metric barrels of oil equivalent (Mboe).

The field is jointly owned by VNG Norge AS (30%, operator), Point Resources AS (45%), and Faroe Petroleum (25%). Upon completion of the deal, the new owners will be VNG (30%, operator), Point Resources (45%), Suncor (17.5%) and Faroe Petroleum (7.5%).

Suncor Energy is an integrated energy company based in Canada, while Faroe Petroleum is an independent oil and gas exploration and production company based in the UK.

The deal is expected to be complete by the second quarter of 2018 and will expand Suncor’s offshore portfolio.