Diversified miner BHP Billiton (BIL) on Wednesday announced it had signed a definitive agreement with PetroChina International Investment to sell its stakes in its Browse Joint venture for a cash consideration of US$1.63 billion.
The agreement will see BHP sell 8.83% of its stake in the East Browse Joint Venture and 20% interest in the West Browse Joint Venture‚ located offshore Western Australia by the first half of next year.
“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‚” said Michael Yeager‚ BHP Billiton’s Chief Executive of Petroleum. - I-Net Bridge