Woodside Energy Group (ASX:WDS) agreed to swap assets with Chevron to streamline its Australian portfolio and simplify the North West Shelf (NWS) joint venture ownership in Western Australia, according to a Thursday filing with the Australian bourse.

The company will transfer its 13% non-operated interest in the Wheatstone project and 65% operated ownership in the Julimar-Brunello project to acquire Chevron's 16.67% interests in the NWS project and NWS oil project and a 20% stake in the Angel carbon capture and storage project, the filing said. The swap would also see Chevron paying the company up to AU$400 million.

The transaction's completion is contingent on clearances from the Australian Competition and Consumer Commission and Foreign Investment Review Board, approvals from state and federal authorities, third-party consents, and preemption rights of the joint venture participants, according to the filing.

Woodside shares fell nearly 2% in afternoon trade Thursday and earlier hit their lowest since December 2021.

Price (AUD): $23.13, Change: $-0.42, Percent Change: -1.78%