Wood Mackenzie comments on the Woodside Chevron agreement

“Chevron and Woodside have reached a significant agreement to streamline their respective commercial interests offshore northwest Australia. This deal positions Woodside to progress the extension of the North West Shelf (NWS) LNG plant and unlocking additional value for stakeholders. The Woodside-operated Browse resource has been identified as the preferred backfill candidate for the NWS, while the transfer of Chevron’s stake in the Angel Carbon Capture and Storage (CCS) project highlights Woodside's commitment to reducing emissions associated with any potential Browse development.

“Chevron’s operations in Australia remain one of its largest international holdings. However, the US company has streamlined its portfolio over the past year in preparation for its proposed acquisition of Hess Corporation. This year alone, Chevron has divested non-core positions in Alaska, Canada, and Congo, with rumours suggesting that its UK portfolio could be the next divestment.

“Looking ahead, Wood Mackenzie anticipates a further wave of portfolio streamlining as US majors and large-caps digest recent US-focused mergers and acquisitions and trim their international portfolios.”

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