SHELL INCREASES BROWSE EQUITY STAKE
Shell and Chevron agree strategic asset exchange
The Hague, 20 August, 2012. Shell Development (Australia) Pty Ltd (Shell) and
Chevron Australia Pty Ltd (Chevron) today announced that they have entered into
a binding agreement for the exchange of Chevron's 16.7% interest in the East
Browse titles1 and Chevron's 20% interest in the West Browse titles2 with
Shell's 33.3% interest in the Clio-Acme titles3. In addition to the assets
exchanged, a further cash payment from Shell to Chevron of $450 million USD has
been agreed.
Following completion of this transaction, Shell will hold a 35% interest in the
West Browse titles and 25% interest in the East Browse titles.
The transaction is subject to governmental approval and regular processes for
approval and registration of the dealings.
The transaction is consistent with Shell's growth strategy, securing material
direct interests in major LNG supply projects.
Andy Brown, Upstream International Director for Shell, said: "Shell is pleased
to be growing its position in a major Australian gas resource and future
Australian LNG supply project.
"This is a good deal, not only because it aligns with Shell's strategy of
bigger direct stakes in key gas resources, but because it also helps to
simplify the ownership of the Browse gas fields.
"The Browse gas fields are a key LNG development opportunity for Australia.
We're committed to continue working with Woodside (as operator), the other JV
participants and key stakeholders to secure the best possible development plan
for this important resource."
This deal is the latest in a series of recent achievements for Shell's LNG
business in the Asia Pacific region and further demonstrates Shell's long term
commitment to the region.
Notes to Editor:
1 East Browse titles include WA30R, WA31R, WA32R, WAR2 and TR5.
2 West Browse titles include WA28R, WA29R and WA275P.
3 Clio-Acme titles include WA42R and WA205P.
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