BHP Billiton said Dec. 12 that it has signed a definitive agreement with PetroChina International Investment (Australia) Pty Ltd to sell its 8.33% interest in the East Browse Joint Venture and 20% interest in the West Browse Joint Venture, located offshore Western Australia, for a cash consideration of US$1.63 billion.
The transaction is subject to regulatory approval and other customary conditions. Completion is expected in the first half of calendar year 2013.
BHP Billiton CEO Petroleum, J Michael Yeager, said: “This is an excellent opportunity for both companies. PetroChina has acquired an interest in a world class gas resource and BHP Billiton has exited a non-strategic asset.”
The Browse JV participants hold a right to offer to match the transaction with respect to BHP Billiton’s interests in the East and West Browse Joint Ventures and have a customary period to consider whether to make an offer to match.
PetroChina Company Limited is China’s largest oil and gas producer and distributor, playing a leading role in the oil and gas industry in that country. It is also one of the largest oil companies in the world. It is listed on the New York Stock Exchange, the Stock Exchange of Hong Kong Limited and on the Shanghai Stock Exchange.