BHP Billiton announced yesterday plans to sell to PetroChina its stakes in two gas projects off Australia's west coast for $1.6 billion.
It is selling an 8.33% interest in the East Browse joint venture and a 20% interest in the West Browse joint venture to PetroChina International Investment Australia.
Michael Yeager, BHP Billiton's head of petroleum, said in a statement “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.”
This is an LNG project in the Browse Basin that hasn't yet...