Australia: Woodside Approves Chevron’s Browse Exit
Woodside said in a statement that it has agreed to waive its pre-emption rights in respect of a proposed sale of Chevron Australia Pty Ltd’s entire equity stake in the Browse joint ventures to Shell Development (Australia) Pty Ltd.
The transaction involves Shell acquiring Chevron’s entire interest in the East and West Browse joint ventures for a consideration comprising cash and assets.
The value of the consideration, as determined by Shell and Chevron, is commensurate with the consideration agreed to be paid by Japan Australia LNG (MIMI Browse) Pty Ltd to acquire an interest in the Browse joint ventures from Woodside in the transaction announced by Woodside on 1 May 2012.
Woodside remains operator of the Browse joint ventures.
LNG World News Staff, August 21, 2012