Chevron, Shell Swap Aussie Gas Stakes, $450M Cash

Law360, New York (August 20, 2012, 2:07 PM EDT) -- Chevron Corp. and Royal Dutch Shell PLC agreed Monday to swap interests, plus $450 million, in two massive liquefied natural gas developments in Australia trading upstream risk in two of the world’s most expensive and ambitious energy projects.

Chevron said it would transfer to Shell its minority stake in the proposed $40 billion Browse LNG project. In return, it will get Shell’s interest in two natural gas fields that will supply Chevron’s $29 billion Wheatstone LNG project, as well as the $450 million in cash....
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