BHP Billiton (ASX: BHP) just finalised the sale of its interest in the $45 billion Browse liquefied natural gas project in Western Australia. The number 1 miner sold its interest to PetroChina for $1.7 billion.

Woodside announced two months ago that it would shelve the project at James Price Point near Broome because the project would not deliver the anticipated commercial returns. It plans to instead use a floating LNG technology to develop the huge gas resources in the Browse Basin.

BHP used to own 8.33 per cent stake in the East Browse Joint Venture and 20 per cent interest in the West Browse Joint Venture.

The two companies secured all the needed approvals and relevant documents that were signed on Friday in Beijing that finalised the sale.

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