Woodside Energy Group Ltd (WDS) said late Wednesday it has agreed to an asset swap with Chevron (CVX) for interests in certain liquefied natural gas assets as part of its effort to simplify its portfolio.
Under the deal, the company will swap its 13% interest in the Wheatstone project and a 65% interest in the Julimar-Brunello project in exchange for Chevron's 17% interests in the North West Shelf project and the NWS Oil project, and 20% interest in the Angel Carbon Capture and Storage project, plus a cash payment from Chevron of up to $400 million.
The cash payment consists of a $300 million payment at completion, and contingency payments of up to $100 million. Chevron will also provide a refundable advance payment of $100 million upon execution.
The deal has an effective date of Jan. 1, 2024, Woodside said.
The deal is expected to close in 2026, subject to closing conditions.
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