Woodside says ok to Chevron's Browse exit
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SYDNEY, Aug 21 AAP
August 21 2012, 09:58AM
Woodside Petroleum has confirmed that it has agreed to Chevron's plan to sell its stake in the proposed Browse gas project to Royal Dutch Shell.
Woodside on Tuesday said it had agreed to waive its pre-emption rights in respect of the sale of Chevron Australia's entire equity stake in the Browse joint ventures to Shell Development (Australia) Pty Ltd.
"The transaction involves Shell acquiring Chevron's entire interest in the east and west Browse joint ventures for a consideration comprising cash and assets," Woodside said in a statement.
"The value of the consideration, as determined by Shell and Chevron, is commensurate with the consideration agreed to be paid by Japan Australia LNG (MIMI Browse) Pty Ltd to acquire an interest in the Browse joint ventures from Woodside in the transaction announced by Woodside on 1 May 2012."