Royal Dutch Shell has increased its stake in some Australian LNG fields by swapping assets with US oil major Chevron
By Garry White: 4:31PM BST 20 Aug 2012
Royal Dutch Shell and Chevron have agreed to swap assets in Australia, with the Anglo-Dutch energy giant increasing its interest in a key liquefied natural gas project.
Shell will pay Chevron $450m (£287m) and swap its interest in 2 offshore oil fields in return for Chevron’s interest in the Browse liquefied natural gas (LNG) project.
Australia’s Woodside Petroleum is the operator of the Browse project, in partnership with Shell, BP, Chevron and BHP Billiton. Following completion of this transaction, Shell will hold a 35pc interest in West Browse and 25pc interest in East Browse.