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.

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."

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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.