Woodside Power companions with Chevron to swap stakes in varied vitality tasks By Reuters

(Reuters) – Australia’s Woodside (OTC:) Power stated on Thursday it had entered right into a cope with Chevron (NYSE:) to change stakes in numerous vitality tasks, with the U.S. oil and gasoline big making a money fee of as much as $400 million to Woodside.

Beneath the phrases of the deal, Woodside will purchase Chevron’s stake within the North West Shelf (NWS) Mission, the NWS Oil Mission and the Angel Carbon Seize and Storage Mission, all positioned in Western Australia.

Woodside stated it’ll switch all its curiosity within the Wheatstone and Julimar-Brunello Tasks to Chevron.

“This transaction simplifies our portfolio, enhancing our focus and effectivity by consolidating our place in our operated LNG property,” stated Woodside CEO Meg O’Neill.

The transaction is anticipated to shut in 2026, the corporate stated.