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Chevron offers North West Shelf LNG stake for sale

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LNG Industry,

Reuters is reporting that interest from potential buyers has led Chevron Corp to make its minority stake in the North West Shelf (NWS) LNG project, Australia’s largest and oldest LNG project, available for sale.

This shake-up of ownership is not unexpected, as the 30-year-old project is currently starting to run out of gas and looking to adopt a new role in the Australian LNG industry. The latest plan is for the facility to offer its capacity for the processing of gas into LNG for third parties.

It is worth noting that the sale is not a necessity for Chevron. Indeed, the company is reportedly on track to meet its asset sales target for 2018 – 2020 and remains committed to its other LNG projects in Western Australia (Gorgon and Wheatstone). However, according to Reuters sources, the sale of the stake at this time ‘makes sense’, in light of the company’s failure to secure an agreement to supply gas to the project from its underdeveloped Clio and Acme fields.

Chevron’s one-sixth stake in the NWS project will reportedly be worth between US$3 billion to US$4 billion on the market.

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