Australia-based multinational mining and petroleum company BHP Billiton has completed the sale of its interests in Browse LNG joint ventures to PetroChina International Investment (Australia) for $1.63bn.
The Browse LNG project is being carried out by the East and West Browse joint ventures.
Under the deal, BHP has sold 8.33% interest in the East Browse Joint Venture and 20% interest in the West Browse Joint Venture.
The deal has received all the necessary and relevant approvals, while the sale indicates the exit of BHP Billiton from the Browse Joint Ventures.
The Browse liquefied natural gas (LNG) project is a $45bn LNG export plant, which is being constructed on the north-west coast of Western Australia.
Browse LNG project is a joint partnership of Woodside Petroleum, Royal Dutch Shell, BP, Japan Australia LNG, and BHP Billiton.
The facility will process natural gas extracted from three fields, Torosa, Brecknock and Calliance fields, comprising the Browse gas fields of the Browse Basin at water depths of 35m to 700m.