Shell will assume an 8% interest in the Wheatstone and Iago natural gas fields located off northwest Australia, Chevron announced Sunday.
Shell will also take a 6.4% interest in the project facilities in western Australia that those gas fields will feed.
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Chevron did not disclose the terms of the deal.
Chevron says the Wheatstone project will be Australia's first liquefied natural gas hub.
Shares of Shell closed Friday up 92 cents at $75.02. Shares of Chevron closed the session up 72 cents at $109.66.
This article was written by a staff member of TheStreet.