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Chevron to sell NWS stake

Chevron is putting its stake in Australia’s North West Shelf (NSW) project up for sale.

The company’s 16.67 per cent interest in the $34 billion joint venture (JV) could be worth more than $5 billion, with Chevron moving ahead with the sale after receiving what it described as “a number of unsolicited approaches”.

NWS is one of the world’s largest oil and gas projects and has shipped more than 5,000 LNG cargoes in the last 30 years, producing gas, oil and condensate from fields in Western Australia’s offshore Carnarvon Basin.

Woodside operates the project with support from JV partners BHP, BP, Japan Australia LNG (MIMI), Shell and Chevron, with all six partners holding the same equity stake.

While no interested parties have yet been named, Credit Suisse told The Australian potential buyers could include PetroChina, China National Offshore Oil Cooperation (CNOOC) and Woodside.

For more information visit the Chevron website.

If you have news you would like featured in The Australian Pipeline contact Managing Editor David Convery at dconvery@gs-press.com.au

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