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

Source: Wall Street Journal September 05, 2016 00:00 UTC