Chevron Australia has announced it has reached an agreement to exchange its holdings in the Browse development for Shell Development’s interests in the Clio and Acme fields in the Carnarvon Basin.

 

Under the agreement, Chevron will exchange its 16.7 percent interest in the East Browse titles and 20 per cent interest in the West Browse for Shell’s 33.3 percent interests in the WA-205-P and WA-42-R blocks. This will give Chevron a 100 percent interest in WA-205-P and WA-42-R. Shell will also make a $450 million cash payment to Chevron.

 

“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,” George Kirkland, vice chairman, Chevron Corporation, said.