BHP Billiton Sells PetroChina its Woodside Holdings for $1.63 Billion

Bloomberg reported that PetroChina Co. will pay BHP Billiton $1.63 billion for its holding in Woodside Petroleum Ltd.’s proposed Browse liquefied natural gas project, located in Western Australia.

As quoted in the market report:

The deal comes as Chinese oil and gas acquisitions reached a record this year, following Cnooc Ltd. (883)’s $15.1 billion bid for Nexen Inc. (NXY) It gives PetroChina a share in natural gas resources off the Australian coast that may underpin an LNG venture estimated by Deutsche Bank AG to cost A$44 billion ($46 billion). The Chinese state-owned company wants half its oil and gas output to come from overseas by the end of the decade.

To view the whole Bloomberg report, click here.