Chevron-Woodside Asset Swap Sparks Concerns Over Australian Gas Market

A proposed asset swap between US-based Chevron and Australian energy company Woodside is under review by Australia's competition watchdog, the Australian Competition & Consumer Commission (ACCC).

The deal would see Woodside acquire Chevron's interests in several key assets, including the North West Shelf Gas Project, NWS Oil Projects, and the proposed Angel carbon capture and storage project.

In exchange, Chevron would gain control of Woodside's 13% stake in the Wheatstone project and its 65% share of the Julimar-Brunello interest, as well as assume operation of Julimar-Brunello.

The ACCC has expressed concerns that the parties overlap in the production and wholesale supply of domestic gas in Western Australia and the supply of carbon capture and storage services.