Press Esc to close

WorldOil

World Oil News Center



Chevron exchanges Browse holdings for Shell’s Carnarvon basin interests

SAN RAMON, Calif -- Chevron Corp. has announced that its Australian subsidiary has reached an agreement to exchange its holdings in the Browse development for Shell Development (Australia) Ltd' s interests in the Clio and Acme fields in the Carnarvon Basin offshore northwest Australia.

Under the agreement, subject to regulatory and other approvals, Chevron will exchange its 16.7 percent interest in the East Browse titles2 and 20 percent interest in the West Browse titles 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.

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."

Melody Meyer, president, Chevron Asia Pacific Exploration and Production, said: "Australia is a key focus area for Chevron, evidenced by our investment and development of the Gorgon and Wheatstone projects, and strong exploration and appraisal program. Consolidating our Carnarvon Basin position furthers our progress towards becoming a leading liquefied natural and domestic gas producer in Australia and Asia-Pacific."

08/20/2012

 

Bookmark and Share


WO DATA HUB

EngineeringTablesIcon-Large

Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.

WO SUPPLEMENTS

2013 Fracturing Technology

2013 Fracturing Technology

MEDIA CENTER

By Digital Publisher

Drill Bit Classifier World Oil published its renowned Drill Bit Classifier in September 2013. The Drill Bit Classifier is a comprehensive listing of major manufacturers' d...

ENERGY EVENTS