(RTTNews) – Australia’s Woodside Vitality Group Ltd. (WOPEF.PK, WOPEY.PK, WPL.AX), previously often known as Woodside Petroleum Ltd, and Chevron have agreed to an asset swap beneath which Woodside will purchase Chevron’s curiosity within the North West Shelf (NWS) Challenge, the NWS Oil Challenge and the Angel Carbon Seize and Storage (CCS) Challenge, and switch all of its curiosity in each the Wheatstone and Julimar-Brunello Tasks to Chevron. Chevron may also make a money fee to Woodside of as much as $400 million.
As per the proposed transaction, Woodside will switch its 13% non-operated curiosity within the Wheatstone Challenge and 65% operated curiosity within the Julimar-Brunello Challenge and can purchase in trade Chevron’s 16.67% pursuits within the NWS Challenge and the NWS Oil Challenge and a 20% curiosity within the Angel CCS Challenge.
The transaction is anticipated to shut in 2026.
The money fee by Chevron to Woodside of as much as $400 million includes a money fee of $300 million at completion, and extra contingent funds of as much as $100 million in combination associated to handover of the Julimar Section 3 Challenge and subsequent manufacturing efficiency. As well as, cashflows forecast at roughly $400 million, are anticipated from utilising in any other case depreciable tax bases on completion. At completion there shall be customary changes for web working capital and interim interval money flows.
Chevron will present a $100 million advance fee to Woodside on execution of the transaction, which is refundable by Woodside if the transaction fails to finish.
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