PERTH (miningweekly.com) – Mining major BHP Billiton has finalised the sale of its interest in the Browse liquefied natural gas (LNG) joint venture (JV) to PetroChina Investment for $1.63-billion.
In December last year, BHP agreed to sell its 8.33% share in the East Browse JV and its 20% interest in the West Browse JV to PetroChina, giving the other JV participants the right to match the offer price.
BHP reported at the end of last week that it had acquired all the necessary approvals to finalise the transaction, signalling the company’s exit from the Browse JV.
The Browse project includes three gasfields, 425 km north of Broome off the Kimberley coast, which are estimated to contain a combined contingent resource of about 13.3-trillion cubic feet of dry gas and 360-million barrels of concentrate. Gas and liquids from these fields would be brought to an onshore LNG plant at the Western Australian government’s Browse LNG precinct, near James Price Point.
First gas production is scheduled for 2017.