Woodside will swap assets with Chevron in a move meant to simplify both companies’ portfolios.
Under the agreement, Woodside will acquire Chevron’s interest in the North West Shelf (NWS) gas project, the NWS oil project, and the Angel carbon capture and storage project.
In return, Woodside will hand over all of its interest in both the Wheatstone and Julimar-Brunello LNG projects. An additional $400 million in cash to Woodside rounds out the deal.
“This transaction simplifies our portfolio, improving our focus and efficiency by consolidating our position in our operated LNG assets,” Woodside CEO Meg O’Neill said.
Woodside’s updated portfolio
Interests represented below are approximate. Source.
| Project | Role | Pre-transaction | Post-transaction |
| NWS gas | Operator | 33.33 per cent | 50 per cent |
| NWS oil | Operator | 50 per cent | 66.67 per cent |
| Wheatstone | Non-operator | 13 per cent | 0 per cent |
| Julimar-Brunello | Operator | 65 per cent | 0 per cent |
| Angel CCS | Operator | 20 per cent | 40 per cent |
The asset swap comes after the WA Government’s decision to extend the environmental approval for the NWS project extension. It is a critical step in ensuring the continued operation of the Karratha gas plant, a cornerstone of WA’s energy infrastructure for four decades.
The decision will restart the federal environmental approvals process, which had been paused during the appeal period.
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