Approved · Notification · Phase 1 · decided in 21 days, 8 Sept 2026
Resources & MiningMN-20034ACCC register
Chevron and Woodside are undertaking an asset swap in the Australian oil and gas sector. Woodside Energy (North West Shelf) Pty Ltd gains Chevron's North West Shelf Gas and Oil Projects and the Angel Carbon Capture and Storage project. Chevron Australia Pty Ltd gains Woodside's Wheatstone Project and the Julimar-Brunello fields.
Certain wholly-owned indirect subsidiaries of Chevron Corporation ( Chevron ) and certain wholly-owned direct and indirect subsidiaries of Woodside Energy Group Ltd ( Woodside ) (collectively, the Parties ) propose to enter into multiple "asset swap" transactions (the Proposed Transactions ), resulting in: Woodside Energy (North West Shelf) Pty Ltd acquiring Chevron’s interest in joint ventures comprising the Woodside-operated North West Shelf Gas Project (ownership ranging from 12.5% to 16.67%), 16.67% interest in the Woodside-operated NWS Oil Projects, and 20% interest in the Woodside-operated proposed Angel Carbon Capture and Storage project. Chevron Australia Pty Ltd ( Chevron Australia ) acquiring Woodside's 13% interest in the Chevron Australia-operated Wheatstone Project and associated 65% interest in the Woodside-operated Julimar-Brunello fields. Chevron Australia will assume operatorship of the Julimar-Brunello fields. Chevron explores for, produces, and transports crude oil and natural gas; refines, markets, and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys related technologies. Woodside is a global energy company founded in Australia, with a primary focus on the production of liquefied natural gas (LNG), domestic gas, LPG, oil and condensate. Woodside is also developing a portfolio of new energy products and lower carbon services. In Australia, the Parties overlap in the production and wholesale supply of domestic gas in Western Australia ( WA ). Domestic gas is natural gas supplied domestically on a wholesale basis to large industrial and commercial customers in WA, including those in the mining, minerals processing and electricity generation sectors, and the supply of carbon capture and storage services - being the capture, transport and permanent underground storage of carbon dioxide from industrial emitters.