Chevron-Woodside Asset Swap Deal Under Scrutiny in Australia

US-based Chevron is embroiled in a controversy over its proposed asset swap deal with Australian company Woodside. The deal, which has been under review by Australia's competition watchdog, involves the transfer of various gas and energy assets between the two companies.

The Australian Competition & Consumer Commission (ACCC) has raised concerns that Chevron and Woodside overlap in the production and wholesale supply of domestic gas in Western Australia, as well as the supply of carbon capture and storage services. As a result, the ACCC is seeking submissions from interested parties on the proposed deal by August 26.

The deal would see Woodside acquire Chevron's interests in several key projects, including the North West Shelf Gas Project, NWS Oil Projects, and the Angel carbon capture and storage project. In return, Chevron would gain control of Woodside's 13% stake in the Wheatstone project and assume operation of Julimar-Brunello.