Exxon Mobil Corp. agreed to sell its 50% stake in the Scarborough gas field offshore Western Australia to the Australian petroleum exploration and production company Woodside Petroleum Ltd. for $744 million, according to a Feb. 14 news release.

Woodside CEO Peter Coleman said the company's increased stake in the Scarborough field will help maximize the existing infrastructure at its Pluto LNG plant, which is part of the company's Burrup Hub development. The increased stake is also expected to feed the expansion of the plant.

The acquisition is expected to close by the end of the first quarter.