Australia M&A | Chevron and Woodside Energy consolidate their Australian interests
January 8, 2025
On 19 December 2024, Chevron and Woodside agreed to an asset swap deal (with a cash component), allowing each company to consolidate their respective assets in Australia’s Carnarvon Basin into operated-only portfolios. Chevron will pick up Woodside’s 13% non-operated stake in the Wheatstone LNG plant and its 65% operated interest in the Julimar-Brunello gas/condensate fields. In exchange, Woodside will receive Chevron’s 16.67% share of the NWS Gas project, its 16.67% stake in the Cossack, Wanaea, Lambert and Hermes (CWLH) oil development and its 20% interest in the proposed Angel CCS project.