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.
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."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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.
Equity release rates drop – is it worth unlocking cash from your home?
News Lifetime mortgage rates are falling from their record highs - is equity release worth another look?
By Marc Shoffman Published
Hargreaves Lansdown launches fixed-term cash ISA product
savings/hargreaves-lansdown-fixed-cash-isa-launch Investment platform Hargreaves Lansdown is to offer fixed term cash ISAs via its Active Savings platform paying 4.8%, tax free - but is it any good?
By Kalpana Fitzpatrick Published