Chevron and Royal Dutch Shell will swap oilfield properties located off the coast of Northwest Australia in a deal that will net Chevron $450 million in cash.
Shell will get Chevron’s stake in properties in the East Browse and West Browse oilfields. Chevron will get Shell’s stake in two other properties, giving it 100 percent ownership of both. Shell will also pay Chevron $450 million.
Shell is getting Chevron’s 16.7-percent stake in properties in the East Browse oilfields and a 20-percent stake in the West Browse oilfields. Shell said Monday that it will have a 25 percent in the East Browse properties and a 35-percent interest in the West Browse properties after the deal is complete. Chevron is getting a 33.3-percent stake in two other blocks of territory.
The companies said the deal is subject to governmental review.
Shares of Chevron Corp. rose 10 cents to $112.73 and Class A shares of Royal Dutch Shell PLC lost 7 cents to $22.50.