Woodside Petroleum has signed an agreement to acquire ExxonMobil’s stake in Scarborough gasfield in the Carnarvon Basin off the coast of Western Australia (WA).

Under the deal, Woodside will acquire an additional 50% interest in WA-1-R, which contains the majority of the Scarborough gasfield.

The transaction will allow the company to have a 75% interest in WA-1-R and a 50% stake in WA-61-R, WA-62-R, and WA-63-R.

Woodside CEO Peter Coleman said: “Our Burrup Hub concept is advanced by our announcement today of an increased stake in the Scarborough gasfield. The development concept involves maximising existing infrastructure at the Pluto LNG plant to meet a market gap we expect will emerge from the early 2020s.”

The management noted that the acquisition ensures greater certainty for the project and also unlocks shareholder value.

“The development concept involves maximising existing infrastructure at the Pluto LNG plant to meet a market gap we expect will emerge from the early 2020s.”

Completion of the transaction is scheduled to take place by the end of the first quarter of this year and is dependent on pre-emption rights and customary regulatory approvals.

Separately, the company is set to raise A$2.5bn ($1.96bn) from investors to fund the acquisition of the Scarborough field.

Woodside’s net profit after tax (NPAT) for last year stood at $1.02bn, representing an 18% increase from the previous year.

The company recorded production of 84.4Mboe, while sales revenue totalled $3.62bn.

Having started Wheatstone LNG Train 1, the company aims to achieve the delivery of LNG Train 2 this year.

Alongside Australia, Woodside has interests in Senegal, Gabon, and Myanmar.