BHP Billiton sells stakes in oil joint ventures in Australia

Mining group BHP Billiton is to earn over one and a half billion dollars from the sale of its interests in the East and West Browse Joint Ventures (JV), offshore Western Australia, as it attempts to exit its non-core assets.

By MoneyWeek

published 12 December 2012

in Features

PetroChina, China's largest oil and gas producer and distributor, is to buy BHP's 8.33% interest in the East Browse JV and the 20% stake in the West Browse JV for a combined $1.63bn.

Michael Yeager, the Chief Executive of BHP's Petroleum division, said: "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."

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

The transaction still needs the approval from regulators and is subject to other customary conditions, but completion is expected in the first half of 2013.

The company said that its JV partners hold a right to offer to match PetroChina's offer.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.