Woodside Energy and Chevron have engineered a multibillion-dollar reshuffle of their oil and gas interests in Western Australia, easing the path towards a new phase of gas field development that will support the operations of two of the country’s biggest LNG plants.

The asset swap deal involves Woodside buying Chevron out of its longstanding one-sixth interest in the North West Shelf venture, ending the US major’s involvement in Australia’s oldest LNG venture after 40 years.