BHP Billiton Limited
(ASX:BHP) will sell its interests in the East Browse and West Browse joint ventures in Western Australia for $1.63 billion.
The global miner has signed an agreement with PetroChina International Investment to offload its 8.33 per cent stake in the East Browse site, and its 20 per cent holding in the West Browse site.
The transaction remains subject to regulatory approval and is expected to be complete in the first half of next year.
BHP Petroleum CEO J Michael Yeager says PetroChina has acquired an interest in a world class gas resource while BHP has exited a non-strategic asset.
Participants in the Browse joint venture have the right to field an offer to match BHP’s transaction within a limited time frame.
BHP generated net profit of $15.2 billion in fiscal 2012.
