Chevron promotes proposed sale of NWS project assets

Chevron has begun promotion of its proposed sale of the company’s interest in the North West Shelf Project in Western Australia with a flyer sent to potential buyers, Australian media reported.

Chevron said in June it had plans to sell its 16.6% interest in the LNG project anchored by production from North Rankin and Goodwyn gas-condensate fields in the offshore Carnarvon basin (OGJ Online, June 29, 2020).

Chevron has been a member of the NWS joint venture since the outset more than 3 decades ago.

Chevron and its banker UBS are reported to have sent out a detailed promotion to Australia’s large superannuation and infrastructure funds along with global wealth funds, oil and gas companies, and other prospective buyers.

The asking price is believed to be US$3-3.5 billion.

The NWS project has an LNG capacity of 16.9 tonnes/year through five LNG trains and a history of more than 500 LNG cargos shipped to various customers since the project came on stream in 1989.

Woodside Petroleum Ltd., NWS project operator and 16.6% interest holder, has already flagged its interest in the Chevron stake.

Other joint venture partners are BHP Group, BP, Royal Dutch Shell, the Japanese combine of  Mitsubishi/Mitsui and CNOOC of China.