Supermajors Shell and Chevron have agreed to an assets swap which will see them trade stakes in Australian gas fields set to provide feedstock to two LNG export projects.
Under the deal, Shell will pay $450 million to Chevron and transfer 33% of its shares in two Wheatstone blocks, WA-205-P and WA-42-R, where Chevron already holds 66%.
The move means Chevron will gain 100% ownership of the licences containing the Clio and Acme natural gas finds.
"Acquiring
