Woodside announces 15-year build and lease with Yurra
Woodside Energy (as operator of the Pluto LNG Project) has entered into a long-term agreement with local Traditional Owner business Karratha Housing Pty Ltd (a subsidiary of Yurra Pty Ltd)
Woodside Energy (as operator of the Pluto LNG Project) has entered into a long-term agreement with local Traditional Owner business Karratha Housing Pty Ltd (a subsidiary of Yurra Pty Ltd) for the build and lease back of 20 houses in Karratha, with construction planned to commence in the first quarter of 2024.
he lease of the houses is for 15 years (with two five-year extension options), making it Woodside’s longest Traditional Owner business direct award, providing long-term revenue and capital assets to support the business into the future.
Under the agreement, 10 homes will be built by GBSC Yurra and another 10 will be constructed by Ngarluma Yindjibarndi Foundation Limited (NYFL) in partnership with Thomas Building. All of the houses will be maintained by Karratha Housing Pty Ltd for the duration of the leases.
The houses will be leased by Woodside for its residential workforce. Seventy-five per cent of Woodside’s Burrup workforce is currently residential, up from 56% in 2018.
Woodside and Yurra have worked collaboratively to deliver a sustainable long-term agreement to support local Indigenous business and employment outcomes.
This agreement demonstrates the commitment of Woodside Energy and its fellow Pluto joint venture participants to contribute to the long-term sustainability of communities in their area of operations.
The agreement is subject to conditions precedent which are targeted to be satisfied by the end of this year.
“This is an important agreement that supports local Traditional Owner businesses and employment opportunities as well as providing additional quality housing stock to support our Karratha residential workforce, said Ryan Becarelli, Asset Manager Pluto LNG.
“The build to lease back model also provides a long-term legacy asset to Yurra, improved housing choice for our employees and supports normalisation of the Karratha housing market in the long term," said Mr Becarelli.
“We are very proud of the Yurra team and the partnership that has been established with Woodside over recent years. This successful housing development process builds on the existing scaffold supply contract at Karratha Gas Plant and hopefully other opportunities over time as the sophistication of the relationship grows, said Michael Woodley, Chief Executive Officer at Yindjibarndi Aboriginal Corporation and Yurra Founder.
“Having long term contracts such as this enables us to work collaboratively with Woodside Energy on mutually beneficial plans that will create real legacy for our community,” said Mr Woodley.