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Chevron And Shell agree equity swap in Carnarvon and Browse Basin

LNG Industry,

Chevron Corp. has reached an agreement to exchange its holdings in the Browse development for Shell Development (Australia) Pty Ltd's interests in the Clio and Acme fields1in the Carnarvon Basin offshore northwest Australia.

Chevron will exchange its 16.7% interest in the East Browse titles and 20% interest in the West Browse titles for Shell's 33.3% interests in the WA-205-P and WA-42-R blocks. This will give Chevron a 100% interest in WA-205-P and WA-42-R. Shell will also make a US$ 450 million cash payment to Chevron.

George Kirkland, vice chairman, Chevron Corporation, said, "Acquiring the remaining interests in WA-205-P and WA-42-R fits strategically with our long-term plans to grow our Wheatstone area resource base, and create expansion opportunities for the Wheatstone Project."

Adapted from press release by Peter Farrell.

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