BHP to Sell Its Interests in Australian Projects to PetroChina

BHP Billiton said today that it has agreed to sell its stakes in the East Browse and West Browse joint ventures to PetroChina International Investment Australia for USD 1.63 billion.

The definitive agreement involves BHP’s 8.33% interest in East Browse and its 20% share in the West Browse offshore Western Australia.

The deal is expected to be completed during the first half of next year.

The Browse venture participants hold a right to offer to match the transaction with respect to BHP’s interests. Existing consortium members are Woodside Petroleum and Royal Dutch Shell.

International companies have committed more than USD 170 billion committed to building liquefied natural gas projects off the coast of Australia.