Woodside Petroleum Ltd|Financial Statements 129
E.4 Related party transactions
Transactions with directors
There were no transactions with directors during the year other
than those disclosed in Note E.3(b).
E.5 Auditor remuneration
The auditor of Woodside Petroleum Ltd is Ernst & Young (EY).
US US
(a) Amounts received or due and receivable for an audit or review of the
financial statements of the entity and any other entity in the Group by:
EY Australia
Other EY firms
(b) Amounts received or due and receivable for non-audit services in
relation to the entity or any other entity in the Group by:
EY Australia for other assurance services
EY Australia for other advisory services
EY Australia for taxation services
Other EY firms for other assurance services
E.6 Events after the end of the reporting period
Since the end of the financial year and to the date of this report,
the following entities were incorporated:
• Woodside Energy Holdings II Pty Ltd was incorporated on
23 January 2019 - a wholly owned subsidiary incorporated
in Australia.
• Woodside Power Pty Ltd was incorporated on 23 January
2019 - a wholly owned subsidiary incorporated in Australia.
• Woodside Power (Generation) Pty Ltd was incorporated on
23 January 2019 - a wholly owned subsidiary incorporated
in Australia.
E.7 Joint arrangements
(a) Interest percentage in joint ventures
GroupInterest
Entity Principal activity
North West Shelf Gas Pty Ltd Marketing services for
ventures in the sale of gas to
the domestic market.
North West Shelf Liaison
Company Pty Ltd Liaison for ventures in the
sale of LNG to the Japanese
market.
China Administration Company
Pty Ltd Marketing services for
ventures in the sale of LNG
to international markets.
North West Shelf Shipping
Service Company Pty Ltd LNG vessel fleet adviser.
North West Shelf Lifting
Coordinator Pty Ltd Coordinator for venturers for
all equity liftings.
(b) Interest percentage in joint operations
GroupInterest
Producing and developing assets
Oceania
North West Shelf - -
Enfield and Vincent
Stybarrow
Balnaves
Pluto
Wheatstone - -
Explorationandevaluationassets
Oceania
BrowseBasin
CarnarvonBasin- -
Bonaparte Basin - -
NewZealand-
Africa
Morocco-
Gabon- -
Senegal
The Americas
Peru
Kitimat
Asia
Myanmar - -
Europe
Ireland - -
Bulgaria -
1. Scarborough is included in the Carnarvon Basin.
2. One permit (WA-35-R) within the Carnarvon Basin was surrendered in 2018.
3. One permit (PEP-55794) within New Zealand was surrendered in 2018.
4. One permit (Rabat Deep I-VI) within Morocco was surrendered in 2018.
5. One permit (Permit Luna Muetse (E13)) within Gabon expired in 2018.
6. As at 31 December 2018, the 1-14 Khan Kubrat block farm-in has been approved by
the Bulgarian government. This approval has mandated that the Energy Minister
will sign an agreement that will transfer 30% of the block to Woodside. Final
execution of this agreement is pending.
The principal activities of the joint operations above are
exploration, development and production of hydrocarbons.
Key estimates and judgements
Accounting for interests in other entities
Judgement is required in assessing the level of control obtained in a
transaction to acquire an interest in another entity; depending upon the
facts and circumstances in each case, Woodside may obtain control, joint
control or significant influence over the entity or arrangement. Judgement
is applied when determining the relevant activities of a project and if joint
control is held over them. Relevant activities include, but are not limited
to, work program and budget approval, investment decision approval,
voting rights in joint operating committees, amendments to permits
and changes to joint arrangement participant holdings. Transactions
which give Woodside control of a business are business combinations.
If Woodside obtains joint control of an arrangement, judgement is also
required to assess whether the arrangement is a joint operation or a joint
venture. If Woodside has neither control nor joint control, it may be in
a position to exercise significant influence over the entity, which is then
accounted for as an associate.
NOTES TO THE FINANCIAL STATEMENTS E. OTHER ITEMS
for the year ended 31 December 2018