06:56 AM EST, 12/19/2024 (MT Newswires) -- Woodside Energy Group Ltd ( WDS ) said late Wednesday it has agreed to an asset swap with Chevron ( CVX ) for interests in certain liquefied natural gas assets as part of its effort to simplify its portfolio.

Under the deal, the company will swap its 13% interest in the Wheatstone project and a 65% interest in the Julimar-Brunello project in exchange for Chevron's ( CVX ) 17% interests in the North West Shelf project and the NWS Oil project, and 20% interest in the Angel Carbon Capture and Storage project, plus a cash payment from Chevron ( CVX ) of up to $400 million.

The cash payment consists of a $300 million payment at completion, and contingency payments of up to $100 million. Chevron ( CVX ) will also provide a refundable advance payment of $100 million upon execution.

The deal has an effective date of Jan. 1, 2024, Woodside said.

The deal is expected to close in 2026, subject to closing conditions.