Shell increases stake in Browse LNG development

Offshore staff

MELBOURNE, Australia –Shell Development (Australia) Pty Ltd. and Chevron Australia Pty Ltd. have agreed to exchange Chevron’s 16.7% interest in the East Browse titles and 20% interest in the West Browse titles with Shell’s 33.3% interest in the Clio-Acme titles.

Shell also has agreed to pay Chevron $450 million in cash.

Upon completion Shell will hold a 35% interest in the West Browse titles and 25% interest in the East Browse titles. The transaction is subject to governmental approval and regular processes for approval and registration of the dealings.

Andy Brown, upstream international director for Shell, said: “TheBrowse gas fields are a key LNG development opportunity for Australia. We’re committed to continue working with Woodside (as operator), the other JV participants, and key stakeholders to secure the best possible development plan for this important resource.”

8/21/2012