SUBSCRIBE
PROFILE

Woodside acquires 16.67% of the North West Shelf project in Australia through an asset exchange

Woodside exchanges key stakes with Chevron to strengthen its assets in Australia, consolidating gas projects while increasing carbon storage capacity.

Share:

Subscribe for unlimited access to all energy sector news.

Over 150 multisector articles and analyses every week.

Your 1st year at 99 $*

then 199 $/year

SUBSCRIBE — 99 $ for the 1st year

Create a free account to read this article

*renews at 199$/year, cancel anytime before renewal.

Woodside Energy has finalized an asset exchange agreement with Chevron, consolidating its position in the North West Shelf (NWS) project in Australia. This exchange allows Woodside to acquire a 16.67% stake in the NWS and NWS Oil projects, as well as a 20% share in the Angel carbon capture and storage (CCS) project.

In return, Woodside transfers its 13% stake in the Wheatstone project and 65% stake in the Julimar-Brunello project, according to the announcement made on December 19. This agreement strengthens Australian gas projects and simplifies resource management for both companies.

Increased potential for decarbonization

The Angel CCS project, included in this exchange, positions itself as a multi-user carbon storage solution in Western Australia. According to Woodside, this acquisition accelerates the implementation of decarbonization projects within the Karratha Gas Plant, a key infrastructure for gas processing.

Furthermore, this agreement takes place in a context where the NWS project extension has been approved by the government to operate until 2070. This regulatory framework opens up opportunities to maximize processing capacity utilization while promoting an integrated energy transition.

Measured impact on reserves and production

The combined production of Woodside and Chevron highlights the importance of this exchange for their portfolios. Until September 2024, the daily production of the Wheatstone project, ceded to Chevron, reached 34,000 barrels of oil equivalent per day, while the NWS projects contributed 54,500 barrels of oil equivalent per day.

The exchange also results in a net increase of 9.6 million barrels of oil equivalent in Woodside’s proven and probable reserves (2P), starting January 2024. Chevron, for its part, focuses its efforts on its historical assets while continuing to play a strategic role in the NWS.

  • Popular on energynews.pro
ONEOK and partners launch Eiger Express project to link Permian to Gulf
Several South Korean groups back $50bn nuclear projects in the United States
BP Restarts Whiting Refinery After Flooding: Regional Market Pressures Emerge
Metacon confirms partial delivery and receives EUR 14.9 million
Group14 secures $463M and takes full control of its South Korean plant
Sinopec deploys 65,000 Sercel sensors for 3D seismic survey in Mexico
Chinese group Sinopec has launched a large-scale seismic imaging campaign across 3,000 km² in Mexico using nodal technology from Sercel, owned by Viridien, delivered in August to map areas with complex terrain.
CNOOC signs two gas exploration contracts in Indonesia with EnQuest and Agra
CNOOC Limited has signed two production sharing contracts with SKK Migas to explore the Gaea and Gaea II blocks in West Papua, alongside EnQuest and Agra.
AMIGO LNG signs 15-year deal with Macquarie for 0.6 MTPA of LNG
Australian group Macquarie partners with AMIGO LNG for an annual supply of 0.6 million tonnes of liquefied natural gas over fifteen years, with operations expected to start in 2028 from the Guaymas terminal in Mexico.
AMIGO LNG awards Drydocks World the construction of the world’s largest FLNG
AMIGO LNG has awarded Drydocks World a major EPC contract to build the world’s largest floating LNG liquefaction terminal, aimed at strengthening exports to Asia and Latin America.
Canadian Utilities secures AUC approval for Yellowhead gas pipeline project
The Alberta Utilities Commission approves the Need Assessment Application for the Yellowhead Pipeline, marking a key step for Canadian Utilities, a subsidiary of ATCO. The project foresees significant economic benefits for the province.
Nigeria LNG Signs 20-Year Deal to Secure 1.29 Billion Cubic Feet of Gas
Nigeria LNG signs major deals with oil groups to ensure gas supply to its liquefaction infrastructure over two decades.
The European Union seals a $750 billion deal on American energy
The European Union and Washington have finalized an agreement setting $750 billion in U.S. gas, oil and nuclear purchases, complemented by $600 billion in European investments in the United States by 2028.
Sempra and ConocoPhillips Strengthen Partnership on Port Arthur LNG Phase 2
Sempra Infrastructure and ConocoPhillips signed a 20-year LNG sales agreement for 4 Mtpa, confirming their joint commitment to expanding the Port Arthur LNG liquefaction terminal in Texas.
Russia increases gas deliveries to China despite oil decline
Russian pipeline gas exports to China rose by 21.3% over seven months, contrasting with a 7.6% drop in oil shipments during the same period.
MCF Energy restarts gas drilling at the former Kinsau-1 well in Germany
MCF Energy continues operations at the Kinsau-1A drilling site, targeting a promising Jurassic formation first tested by Mobil in 1983.
Woodside accelerates LNG and dividends, adjusted capex and key projects advance
The group announces an interim dividend of 53 cps, production of 548 Mboe/d, a unit cost of $7.7/boe and major milestones on Scarborough, Trion, Beaumont and Louisiana LNG, while strengthening liquidity and financial discipline.
Norway exceeds its oil and gas production forecasts in July
Norway’s combined oil and gas production exceeded official forecasts by 3.9% in July, according to preliminary data from the regulator.
Gunvor Secures 20 Years of LNG from Mexican AMIGO LNG
Gunvor commits to 0.85 million tonnes per year of liquefied natural gas from AMIGO LNG, marking a strategic step forward for Asian and Latin American supply via the Guaymas terminal.
Merger Between Black Hills and NorthWestern: A $15.4 Billion Entity is Born
Black Hills Corp. and NorthWestern Energy merge to create a $15.4 billion regulated energy group, operating in eight states with 2.1 million customers and a doubled rate base.
Pemex bets on Pimienta and Eagle Ford to revive national energy production
The Pimienta and Eagle Ford formations are identified as pillars of Pemex’s 2025-2035 strategic plan, with potential of more than 250,000 barrels of liquids per day and 500 million cubic feet of gas by 2030.
Karpowership and Seatrium Partner to Deploy Floating LNG Power Plants
Karpowership and Seatrium formalize a strategic partnership to convert floating LNG units, strengthening their joint offering in emerging mobile electricity markets.
Africa Energy increases its stake in South Africa’s Block 11B/12B
Africa Energy strengthens its position in the gas-rich Block 11B/12B by restructuring its capital and reinforcing strategic governance, while showing a clear improvement in financial performance in Q2 2025.
Aramco sells 49% of Jafurah Midstream to GIP for $11 billion
Aramco finalizes a strategic agreement with an international consortium led by GIP, valuing its midstream gas assets in Jafurah at $11 billion through a lease and leaseback contract.
Russia Targets Gas Turbines Over 300 MW in Technological Leap
Moscow is preparing to develop gas turbines exceeding 300 MW while strengthening existing capacities and positioning itself against the most high-performing models worldwide.
Symbion commits $700 M for methane power plant tied to DRC-Rwanda peace deal
Symbion Power announces a $700 M investment for a 140 MW plant on Lake Kivu, contingent on full enforcement of the cease-fire signed between the Democratic Republic of Congo and Rwanda.

Log in to read this article

You'll also have access to a selection of our best content.

or

Go unlimited with our annual offer: $99 for the 1styear year, then $ 199/year.

SUBSCRIBE - €99