Chevron Puts stake in Australia’s North West Shelf LNG on The Block

Chevron Corp (CVX.N) has put up for sale its minority stake in Australia’s biggest and oldest liquefied natural gas (LNG) project, the North West Shelf, after drawing interest from potential buyers, the company said on Thursday. The move marks a long-awaited shake-up of ownership in the 30-year-old project as it runs out of gas and shifts towards becoming a facility that will process gas into LNG for third parties.

“Chevron Australia has made the decision to market its non-operated one-sixth interest in the North West Shelf (NWS) project, following a number of unsolicited approaches from a range of credible buyers,” the company said in an emailed statement. It gave no further details. The project partners have invested more than A$34 billion ($23 billion) over the life of the project, however the gas fields that feed the NWS LNG plant are expected to start running out in the next few years…

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