Oil and Gas News

Chevron puts North West Shelf stake up for sale

Chevron Australia is willing to offload its non-operating 16.67 per cent interest in the North West Shelf project in Western Australia after confirming it has received a number of unsolicited approaches from buyers.

The company has outlined that no final decision has been made to sell and it won’t proceed unless it can realise fair value for its interest.

The NWS equal share joint venture (operator Woodside, BHP, BP, Japan Australia LNG, Shell, Chevron) has been working towards transitioning the project into a competitive open-access tolling facility, with a long-term role in monetising the remaining reserves offshore Western Australia.

Chevron has been an active participant in the NWS project for three decades, but has decided it is the right time to test its value to others.

“Chevron has been an active participant in the NWS project since its foundation more than 30 years ago and we’re proud of its track record as a safe, competitive and reliable supplier of domestic gas and liquefied natural gas (LNG),” a Chevron spokesperson said.

“The NWS project is shifting its focus towards becoming a globally competitive third-party tolling facility, and this is the appropriate time for Chevron to consider fair value proposals from potential buyers for its interest.”

The company explained that during the marketing period it would continue to support the joint venture in the safe operation of the NWS project’s strong base business and work towards the establishment of the NWS as a “competitive and profitable tolling facility”.

NWS supplies oil and gas to Australian and international markets from huge offshore gas, oil and condensate fields in the Carnarvon Basin, off the north-west coast of Australia. It is also the largest producer of domestic gas for Western Australia.

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