BHP Billiton selling Petrochina its interest in Browse LNG project
MELBOURNE -- BHP Billiton has signed a definitive agreement with PetroChina to sell its 8.33% interest in the East Browse Joint Venture and 20% interest in the West Browse Joint Venture, located offshore Western Australia, for a cash consideration of $1.63 billion. Woodside Petroleum is the majority owner and operator of the project.
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.