BHP Billiton Completes $1.63 Bln Sale of Browse Assets to Petrochina

BHP Billiton has completed the sale of its 8.33 per cent interest in the East Browse Joint Venture and 20 per cent interest in the West Browse Joint Venture, located offshore Western Australia, to PetroChina International Investment (Australia) Pty Ltd for US$1.63 billion plus customary purchase price adjustments as announced on 12 December 2012.

All required approvals have been secured and relevant documents were signed today in Beijing to finalise the transaction. This sale reflects BHP Billiton’s exit from the Browse Joint Ventures.

The companies signed a definitive agreement for the transaction in December last year. During that occasion 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.”