Woodside, Chevron agree to swap some Australian assets
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The news: Woodside Energy has agreed to swap a number of operating assets in Australia with US energy giant Chevron as part of efforts to simplify its liquefied natural gas portfolio.
The numbers: Under the deal, Woodside will acquire Chevron’s 16.67% interest in the North West Shelf Project and the North West Shelf Oil Project, as well as its 20% stake in the Angel Carbon Capture and Storage Project, all located in Western Australia.
In exchange, Woodside will divest its 13% interest in the Wheatstone project and a 65% stake in the Julimar-Brunello projects to Chevron. The US company will also make a cash payment of up to $400 million to Woodside, comprising cash payment of $300 million on completion and another $100 million in contingent payments.
The context: Woodside CEO Meg O’Neill said the strategic and commercial rationale for the asset swap was “compelling”.
The transaction is expected to close in 2026.
What they said: “This transaction simplifies our portfolio, improving our focus and efficiency by consolidating our position in our operated LNG assets. It is immediately cash flow accretive and includes a cash payment upon both execution and completion,” O’Neill said.
The source: ASX announcement
