Woodside and Chevron have agreed to an asset swap under which Woodside will acquire Chevron's interest in the North West Shelf (NWS) Project, the NWS Oil Project and the Angel Carbon Capture and Storage (CCS) Project, and transfer all of its interest in both the Wheatstone and Julimar-Brunello Projects to Chevron. Chevron will also make a cash payment to Woodside of up to $400 million.
The transaction highlights include:
- Streamlines Australian portfolio and consolidates focus on operated LNG assets;
- Simplifies NWS joint venture ownership, unlocking economic recovery of existing production and future development opportunities; and
- Strengthens near-term cash flow to support shareholder distributions and ongoing investments.