Shell Chevron agree strategic asset exchange

Shell and Chevron agree strategic asset exchange

11:57 AM, 20th August 2012
Shell and Chevron agree strategic asset exchange
Andy Brown, Upstream International Director, Shell.

TEXAS, US: Shell Development (Australia) Pty Ltd and Chevron Australia Pty Ltd have entered into a binding agreement for the exchange of Chevron’s 16.7 per cent interest in the East Browse titles and Chevron’s 20 per cent interest in the West Browse titles with Shell’s 33.3 per cent interest in the Clio-Acme titles. In addition to the assets exchanged, a further cash payment from Shell to Chevron of $450 million has been agreed. 

Following completion of this transaction, Shell will hold a 35 per cent interest in the West Browse titles and 25 per cent interest in the East Browse titles. The transaction is consistent with Shell’s growth strategy, securing material direct interests in major LNG supply projects.

“This is a good deal, not only because it aligns with Shell’s strategy of bigger direct stakes in key gas resources, but because it also helps to simplify the ownership of the Browse gas fields. The Browse gas fields are a key LNG development opportunity for Australia. We’re committed to continue working with Woodside (as operator), the other JV participants and key stakeholders to secure the best possible development plan for this important resource,” said Andy Brown, Upstream International Director, Shell.

© WOC News

0 Comments

Login

Your Comments (Up to 2000 characters)
Please respect our community and the integrity of its participants. WOC reserves the right to moderate and approve your comment.

Related News


Chemists make healthier chocolates; replace 50 pc of fat with fruit juice

WARWICKSHIRE, UK: Scientists have found a way to replace up to 50 per cent of the fat content in chocolate with fruit juice. University of Warwick che ...

Read more
Braskem inaugurates new PVC plant in Brazil

SAO PAULO, BRAZIL: Braskem recently inaugurated its new PVC plant in Marechal Deodoro, Alagoas. The investment of R$1 billion is the largest ever made ...

Read more
Toray opens representative office in Istanbul, Turkey

TOKYO, JAPAN: Toray International has opened a representative office in Istanbul, Turkey, to help develop the market in the country as well as in surr ...

Read more
Mexichem, OxyChem to construct ethane-based cracker

TLALNEPANTLA, MEXICO: Mexichem informed that, in order to take advantage of the competitive shale gas market in North America, it signed a Memorandu ...

Read more
Koppers forms tar distillation facility JV in China

PITTSBURGH, US: Koppers Holdings Inc has approved the formation of a majority-owned joint venture company by its wholly-owned subsidiary, Koppers Inte ...

Read more
Polypropylene revenues to be $145 bn in 2019, says Ceresana study

KONSTANZ, GERMANY: A dynamic growth of worldwide revenues for polypropylene, one of the most versatile plastics, is expected, amounting to more than $ ...

Read more