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8/20/2012 6:20 AM ET

Shell Development Australia Pty Ltd and Chevron Australia Pty Ltd announced they have entered into a binding agreement for the exchange of Chevron's 16.7% interest in the East Browse titles and Chevron's 20% interest in the West Browse titles with Shell's 33.3% interest in the Clio-Acme titles. A further cash payment from Shell to Chevron of $450 million has been agreed.

Following the completion of transaction, Shell will hold a 35% interest in the West Browse titles and 25% interest in the East Browse titles. The deal is the latest in a series of recent achievements for Shell's LNG business in the Asia Pacific region.

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