BHP Sells East and West Browse Joint Ventures

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
$1,630.0MM
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.