Deals
Chevron to Start Sale Process for North West Shelf LNG Stake
- U.S. oil major has one-sixth interest in Australia LNG project
- Legacy venture on northwest coast seen in a transitional phase
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Chevron Corp. will start a sales process for its interest in the North West Shelf project in Australia, one of the nation’s first liquefied natural gas export ventures, after receiving a number of approaches from potential buyers.
The U.S. energy major has been looking to make cutbacks as the industry grapples with a once-in-a-generation collapse in demand because of the coronavirus pandemic. The company made the decision to start a formal marketing process for its 16.67% stake after receiving unsolicited approaches “from a range of credible buyers,” it said in an emailed statement Thursday.