29 Interests in joint operations

Significant joint operations of the Group are those with the most significant contributions to the Group’s net profit or net assets. The Group’s interest in the joint operations results are listed in the table below. For a list of significant joint operations of the Group classified as ‘held for sale’ refer to note 26 ‘Discontinued operations’. For a complete list of the Group’s investments in joint operations, refer to Exhibit 8.1 – List of Subsidiaries.

Group interest

Significant joint operations

Country of operation

Principal activity

2018
%

2017
%

Bass Strait

Australia

Hydrocarbons production

Greater Angostura

Trinidad and Tobago

Hydrocarbons production

Gulf of Mexico

Hydrocarbons exploration and production

23.9–44

23.9–44

Macedon ⁽¹⁾

Australia

Hydrocarbons exploration and production

71.43

71.43

North West Shelf

Australia

Hydrocarbons production

12.5–16.67

12.5–16.67

Pyrenees ⁽¹⁾

Australia

Hydrocarbons exploration and production

40–71.43

40–71.43

ROD Integrated Development ⁽²⁾

Algeria

Hydrocarbons exploration and production

29.50

29.50

Mt Goldsworthy ⁽³⁾

Australia

Iron ore mining

Mt Newman ⁽³⁾

Australia

Iron ore mining

Yandi ⁽³⁾

Australia

Iron ore mining

Central Queensland Coal Associates

Australia

Coal mining

⁽¹⁾	While the Group holds a greater than 50 per cent interest in these joint operations, all the participants in these joint operations approve the operating and capital budgets and therefore the Group has joint control over the relevant activities of these arrangements.

⁽²⁾	Group interest reflects the working interest and may vary year-on-year based on the Group’s effective interest in producing wells.

⁽³⁾	These contractual arrangements are controlled by the Group and do not meet the definition of joint operations. However, as they are formed by contractual arrangement and are not entities, the Group recognises its share of assets, liabilities, revenue and expenses arising from these arrangements.

Assets held in joint operations subject to significant restrictions are as follows:


	Group share
	2018		2017
	US$M		US$M⁽²⁾
Current assets		2,445		2,755
Non-current assets		36,144		51,446

Total assets ⁽¹⁾		38,589		54,201

⁽¹⁾

While the Group is unrestricted in its ability to sell a share of its interest in these joint operations, it does not have the right to sell individual assets that are used in these joint operations without the unanimous consent of the other participants. The assets in these joint operations are also restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group.

⁽²⁾	Includes US$14,408 million related to Onshore US assets.