Chevron Australia Pty Ltd (Chevron Australia), an indirect subsidiary of Chevron Corporation, announced it has agreed to an asset swap with Woodside under which both parties will consolidate their focus on strategic assets they individually operate in Western Australia.

Under the proposed transaction, Chevron Australia will transfer to Woodside its 16.67 percent non-operated interest in the North West Shelf (NWS) Project, NWS Oil Project and its 20 percent non-operated interest in the Angel Carbon Capture and Storage (CCS) Project1. Chevron Australia will acquire Woodside’s 13 percent non-operated interest in the Wheatstone Project2 and 65 percent operated interest in the Julimar-Brunello Project.

In addition, Chevron Australia will make a cash payment to Woodside of up to US$400 million paid at key milestones and contingent on the execution and handover of the Julimar Phase 3 Project from Woodside to Chevron Australia.

“This transaction will enable us to consolidate our focus and resources on key assets we operate in Western Australia, in this case our Wheatstone Project,” said Mark Hatfield, Managing Director Chevron Australia.

“The North West Shelf Project paved the way for Western Australia and the nation to become international leaders in natural gas and has been operated by Woodside to a world-class standard.”

“We have been an active participant in the North West Shelf Project since its foundation over 40 years ago and we are proud of the project’s record as a safe, competitive, and reliable supplier of domestic gas and LNG and its transformation into a tolling facility.”

The transaction is subject to several conditions precedent including regulatory approvals and execution and hand over of the Julimar Phase 3 Project from Woodside to Chevron Australia.

[1] Chevron Australia New Energies (G-10-AP) Pty Ltd is the owner of Chevron’s interests in the Angel CCS Project and party to the relevant sale and purchase agreement.
[2] Wheatstone is operated by Chevron Australia and is a joint venture between the Australian subsidiaries of Chevron (64.14 percent), Kuwait Foreign Petroleum Exploration Company (KUFPEC) (13.4 percent), Woodside Energy Group Ltd (13 percent), and Kyushu Electric Power Company (1.46 percent), together with PE Wheatstone Pty Ltd, part-owned by JERA (8 percent).

About Chevron Australia

Chevron is one of the world's leading integrated energy companies and through its Australian subsidiaries, has been present in Australia for more than 70 years. With the ingenuity and commitment of thousands of workers, Chevron Australia operates the Gorgon and Wheatstone natural gas facilities; manages its equal one-sixth interest in the North West Shelf Venture; operates Australia’s largest onshore oilfield on Barrow Island; and is a significant investor in exploration. Chevron Australia Downstream delivers quality fuels and lubricants primarily via its Caltex network of service stations across Australia.

About Chevron

Chevron (NYSE: CVX) is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to enabling human progress. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We aim to grow our oil and gas business, lower the carbon intensity of our operations and grow lower carbon businesses in renewable fuels, carbon capture and offsets, hydrogen and other emerging technologies.

About Woodside

Woodside led the development of the LNG industry in Australia. With a focused portfolio, Woodside is recognised for its world-class capabilities as an integrated upstream supplier of energy. Woodside's proven track record and distinctive capabilities are underpinned by 70 years of experience.