BHP Billiton finalized a sale of its interests in the East and West Browse Joint Ventures off Australia that was previously announced in December. The company will receive US$1.63 billion from PetroChina International Investment (Australia).
In December, BHP Billiton Chief Executive Petroleum Michael Yeager said of the sale, "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."
The with the sale, PetroChina picked up BHP's 8.33% interest in the East Browse Joint Venture and 20% interest in the West Browse Joint Venture. The two companies signed all required documents and approvals in Beijing today.
In April, Australia's Woodside, who operates both the East Browse and West Browse Joint Ventures, announced it would not proceed with a proposed Browse LNG development near James Price Point in northwestern Australia. Woodside and its partners are considering an floating production option for the development.
Woodside is the operator of the East and West Browse joint ventures. It holds a 34% equity interest in the East Browse joint venture and a 17% equity interest in the West Browse joint venture. Its partners include Shell, BP, and Japan Australia LNG (MIMI Browse) Pty Ltd.
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