The US oil and gas group Chevron and Australia’s Woodside Energy have decided to streamline their oil and gas operations in Western Australia through a stake swap deal. This decision results in Woodside exiting the US$34bn, 15 Mt/year Wheatstone LNG project in Western Australia.
Under the asset swap deal, Chevron will transfer to Woodside its 16.67% non-operated interest in the 16 Mt/year North West Shelf LNG venture and NWS Oil Project and its 20% non-operated interest in the Angel Carbon Capture and Storage (CCS) Project. In turn, Chevron will take over all of Woodside's interest in Wheatstone LNG (13%) and a 65% operated interest in the Julimar-Brunello affiliate gas project. The deal will also see the US group paying up to US$400m to Woodside. Upon completion of the transaction, Woodside's stake in the North West Shelf LNG project will increase to 50%, its stake in the NWS oil project to 66.67% and its stake in the Angel CCS project to 40%.
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. Earlier in December 2024, Woodside Energy received environmental approval from the Western Australian state to prolong the North West Shelf liquefied natural gas project until 2070.
Interested in LNG Databases?
World LNG Database offers a complete set of data on LNG markets. The service provides detailed information on existing and planned liquefaction and regasification plants. It also includes LNG shipping around the world, LNG contracts, time series on regasification and liquefaction capacities, LNG flows and LNG prices for all players in the market.