Australia's Woodside Energy said Thursday it has agreed to an asset swap with U.S. oil company Chevron that will simplify its business and support investor returns.

As part of the deal, Woodside will sell Chevron its 13% non-operated interest in the Wheatstone Project and its 65% operated interest in the Julimar-Brunello Project.

Woodside will acquire Chevron's nearly 17% interests in the NWS Project and the NWS Oil Project, and its 20% interest in the Angel CCS Project.

Chevron will also make a cash payment to Woodside of up to $400 million, Woodside said.

Write to Rhiannon Hoyle at [email protected]