BHP Sells East and West Browse Joint Ventures

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
1.6BB
Description

Sold interests in the East Browse and West Browse offshore JVs.

BHP Billiton Ltd. (NYSE: BHP) has completed the sale of its 8.33% interest in the East Browse Joint Venture and 20% in the West Browse Joint Venture, located offshore western Australia, to an affiliate of PetroChina Co. Ltd. (NYSE: PTR) for about $1.63 billion.

Both companies have received all required approvals and signed all relevant documents. This sale reflects BHP Billiton’s exit from the Browse joint ventures.

BHP Billiton chief executive J Michael Yeager said the step was an important step in the company’s realignment of its assets. “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.”

PetroChina Co. Ltd. is China’s largest oil and gas producer and distributor. BHP is a mining, oil and gas company based in Melbourne, Australia.