Australia M&A - Woodside and Chevron agree asset swap for NWS LNG and Wheatstone LNG

(Originally published on December 19, 2024)

Earlier today, Woodside and Chevron announced that they have agreed an asset swap that will see Woodside take Chevron’s interest in the NWS Project, the NWS Oil Project and the Angel CCS Project, with Chevron getting Woodsides stake in Wheatstone LNG and Julimar-Brunello. In addition, Chevron will make a cash payment to Woodside of up to $400 million. The effective date for the transaction is 1st January 2024 and is expected to close in 2026. The completion will be longer that typical as it is subject to the completion of Julimar Phase 3 Project execution and handover which is expected in 2026 and the completion of certain ongoing abandonment activities, in addition to the normal approvals.