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News and Media Releases

Shell increases Browse equity stake

Shell and Chevron agree strategic asset exchange

Shell Development (Australia) Pty Ltd (Shell) and Chevron Australia Pty Ltd (Chevron) today announced that they have entered into a binding agreement for the exchange of Chevron’s 16.7% interest in the East Browse titles(1) and Chevron’s 20% interest in the West Browse titles(2) with Shell’s 33.3% interest in the Clio-Acme titles(3). In addition to the assets exchanged, a further cash payment from Shell to Chevron of $450 million USD has been agreed. 

Following completion of this transaction, Shell will hold a 35% interest in the West Browse titles and 25% interest in the East Browse titles.

The transaction is subject to governmental approval and regular processes for approval and registration of the dealings.

The transaction is consistent with Shell’s growth strategy, securing material direct interests in major LNG supply projects.

Andy Brown, Upstream International Director for Shell, said: “Shell is pleased to be growing its position in a major Australian gas resource and future Australian LNG supply project.

“This is a good deal, not only because it aligns with Shell’s strategy of bigger direct stakes in key gas resources, but because it also helps to simplify the ownership of the Browse gas fields.

“The Browse gas fields are a key LNG development opportunity for Australia. We’re committed to continue working with Woodside (as operator), the other JV participants and key stakeholders to secure the best possible development plan for this important resource.”

This deal is the latest in a series of recent achievements for Shell’s LNG business in the Asia Pacific region and further demonstrates Shell’s long term commitment to the region.

Notes to editors

(1) East Browse titles include WA30R, WA31R, WA32R, WAR2 and TR5.

(2) West Browse titles include WA28R, WA29R and WA275P.

(3) Clio-Acme titles include WA42R and WA205P.

Enquiries

Shell Media Relations
Australia: Paul Zennaro, +61 417 007 344
International, UK, European Press: +44 207 934 5550

Shell Investor Relations
Europe: Tjerk Huysinga, + 31 70 377 3996
United States: Ken Lawrence, +1 713 241 2069


Cautionary Note

The companies in which Royal Dutch Shell plc directly and indirectly owns investments are separate entities. In this press release “Shell”, “Shell group” and “Royal Dutch Shell” are sometimes used for convenience where references are made to Royal Dutch Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to subsidiaries in general or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this press release refer to companies in which Royal Dutch Shell either directly or indirectly has control, by having either a majority of the voting rights or the right to exercise a controlling influence. The companies in which Shell has significant influence but not control are referred to as “associated companies” or “associates” and companies in which Shell has joint control are referred to as “jointly controlled entities”. In this press release, associates and jointly controlled entities are also referred to as “equity-accounted investments”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect (for example, through our 23% shareholding in Woodside Petroleum Ltd.) ownership interest held by Shell in a venture, partnership or company, after exclusion of all third-party interest.

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