The two firms announced the deal in separate statements on Thursday. Under the proposed transaction, Chevron Australia will transfer to Woodside its 16.67 percent non-operated interest in the NWS
The Wheatstone foundation project consists of two LNG trains with a combined capacity of 8.9 mtpa, and the first shipment left the facility in 2017.
Also, Woodside has an operating 65 percent in Julimar-Brunello.
“This transaction will enable us to consolidate our focus and resources on key assets we operate in Western Australia, in this case our Wheatstone project,” said Mark Hatfield, managing director Chevron Australia.
“We have been an active participant in the North West Shelf Project since its foundation over 40 years ago and we are proud of the project’s record as a safe, competitive, and reliable supplier of domestic gas and LNG and its transformation into a tolling facility,” Hatfield said.
Woodside CEO Meg O’Neill said the strategic and commercial rationale for this asset swap is “compelling” for Woodside.
“This transaction simplifies our portfolio, improving our focus and efficiency by consolidating our position in our operated LNG assets. It is immediately cash flow accretive and includes a cash payment upon both execution and completion,” she said.
The transaction is subject to several conditions precedent including regulatory approvals and execution and hand over of the Julimar Phase 3 project from Woodside to Chevron Australia.
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