BHP Billiton to sell interest in East and West Browse JV to PetroChina

5:17 AM, 12th December 2012

BHP Billiton to sell interest in East and West Browse JV to PetroChina

J Michael Yeager, Chief Executive, Petroleum, BHP Billiton.

MELBOURNE, AUSTRALIA: BHP Billiton has signed a definitive agreement with PetroChina International Investment (Australia) Pty Ltd to sell its 8.33 per cent interest in the East Browse Joint Venture and 20 per cent interest in the West Browse Joint Venture, located offshore Western Australia, for a cash consideration of $1.63 billion. The transaction is subject to regulatory approval and other customary conditions. Completion is expected in the first half of 2013.

“This is an excellent opportunity for both companies. PetroChina has acquired an interest in a world class gas resource and BHP Billiton has exited a non-strategic asset,” said J Michael Yeager, Chief Executive, Petroleum, BHP Billiton.

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