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 US$1.63 billion. The transaction is subject to regulatory approval and other customary conditions. Completion is expected in the first half of calendar year 2013.

BHP Billiton Chief Executive Petroleum, J Michael Yeager, said: “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.”

The Browse Joint Venture participants hold a right to offer to match the transaction with respect to BHP Billiton’s interests in the East and West Browse Joint Ventures and have a customary period to consider whether to make an offer to match.

About BHP Billiton

BHP Billiton Petroleum has exploration, development, production and marketing activities in more than a dozen countries around the globe, with a significant position in the deep water Gulf of Mexico, Onshore US and Australia. Petroleum also operates assets in the United States, Australia, United Kingdom, Trinidad and Tobago and Pakistan.

Our oil and gas strategy is to focus on material opportunities, at high working interest with a bias for operatorship. We also hold interests in exploration blocks where we explore for significant upstream opportunities in proven basins and promising prospects around the world using the latest seismic and geophysical technology to locate new resources.