By Robb M. Stewart

MELBOURNE, Australia--Woodside Petroleum Ltd. (WPL.AU) has agreed to a deal to buy half of BHP Billiton Ltd.'s (BHP.AU) Scarborough natural-gas assets in the Carnarvon Basin offshore Western Australia.

The energy company said Monday it will pay US$250 million to BHP when the transaction is completed, and a contingent payment of US$150 million when a positive investment decision is made to develop the Scarborough field.

Completion of the acquisition is targeted by the end of 2016, Woodside said.

Write to Robb M. Stewart at robb.stewart@wsj.com

(END) Dow Jones Newswires

September 04, 2016 19:54 ET (23:54 GMT)

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