BHP sells Browse interests to PetroChina

Offshore staff

LONDON – BHP Billiton has signed an agreement to sell its 8.33% interest in the East Browse Joint Venture and its 20% interest in the West Browse Joint Venture to PetroChina International Investment (Australia) Pty Ltd. for $1.63 billion.

Completion of the sale of the offshore Western Australia interests is expected in the first half of 2013.

The Browse partners have the right to match the offer for BHP’s interests within a given amount of time.

Earlier this year, Woodside Petroleum Ltd. (WPL:AU/WOPEY:US) sold part of its Browse LNG development equity to Japan Australia LNG for $2 billion.

12/12/2012

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