Chevron, Shell Exchange Gas Assets in Australia

Chevron Corporation has announced that its Australian subsidiary has reached an agreement to exchange its holdings in the Browse development for Shell Development (Australia) Pty 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 titles 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.

For Chevron, the acquisition helps its long-term plans to grow the Wheatstone area resource base, and create expansion opportunities for the Wheatstone Project.