Chevron / Woodside asset swapMN-20034

Parties

Summary

Chevron and Woodside Energy Group are undertaking an asset swap. Woodside acquires Chevron's interests (12.5-16.67%) in North West Shelf and Angel Carbon Capture and Storage projects. Chevron acquires Woodside's 13% in Wheatstone and 65% in Julimar-Brunello fields. This transaction involves oil, gas, and carbon capture assets in Western Australia.

Acquisition details

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 ( domgas ), 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 domgas in Western Australia (WA). Domgas 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.

Consultation

The ACCC has prepared a questionnaire on the Acquisition. Submissions or information in response to the questionnaire should be provided by 26 August 2026 via email to mergers@accc.gov.au with the title Submission re: Chevron - Woodside asset swap. The ACCC's ability to give detailed consideration to submissions received after this time may be limited.