BHP Sells Stake in Browse LNG to PetroChina

BHP Billiton has agreed to sell its 8.33 per cent interest in the East Browse Joint Venture and 20 per cent interest in the West Browse Joint Venture, located offshore Western Australia to PetroChina. The deal would be worth $1.63 billion and is expected to reach completion in the first half of calendar year 2013.

“This is an excellent opportunity for both companies. PetroChina has acquired an interest in a world class gas resource and BHP Billiton has exited a non-strategic asset,” BHP Billiton Chief Executive Petroleum, J Michael Yeager, said.

The Browse Joint Venture participants hold a right to offer to match the transaction with respect to BHP Billiton’s interests in the East and West Browse Joint Ventures and have a customary period to consider whether to make an offer to match.