Chevron Australia Pty Ltd., an indirect subsidiary of Chevron Corp., and Woodside Energy have agreed to a swap of assets they individually operate in Western Australia.
Under the proposed transaction, Chevron Australia will transfer to Woodside its 16.67% non-operated interest in the North West Shelf (NWS) Project, NWS Oil Project, and its 20% non-operated interest in the Angel Carbon Capture and Storage (CCS) Project, Chevron said in a release Dec. 18.
Chevron Australia will acquire Woodside’s 13% non-operated interest in the Wheatstone Project and 65% operated interest in the Julimar-Brunello Project.
Chevron Australia also will make a payment to Woodside of up to $400 million. The payment comprises a cash payment of $300 million at completion, and additional contingent payments of up to $100 million related to handover of the Julimar Phase 3 Project to Chevron Australia and subsequent production performance, Woodside said in a separate release.
The transaction, expected to close in 2026, is subject to conditions including regulatory approvals and execution and hand over of the Julimar Phase 3 Project from Woodside to Chevron Australia. The Julimar Phase 3 Project is a four well tie-back to the existing Julimar field production system and is currently in execution phase. Woodside will continue to operate the execution phase, transferring the asset to Chevron at project start-up.
