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Woodside strengthens LNG portfolio with Chevron asset swap

Gas
December 19, 2024

Global energy company Woodside has acquired Chevron’s interest in the North West Shelf (NWS) liquefied natural gas (LNG) project, one of the largest projects of its type globally.

Woodside has also acquired Chevron’s assets in the NWS Oil project and the Angel Carbon Capture and Storage (CCS) project. In return, Woodside will transfer its interest in both the Wheatstone and Julimar-Brunello Projects to Chevron.

Chevron will also make a cash payment to Woodside of up to $400m.

Specifically, the proposed transaction will see Woodside transfer its 13% non-operated interest in the Wheatstone Project and 65% operated interest in the Julimar-Brunello Project and will acquire in exchange Chevron’s 16.67% interests in the NWS Project and the NWS Oil Project and a 20% interest in the Angel CCS Project.