Complex sentence: On August 21,2007, Williams signed a Memorandum of understanding for the Hebron offshore oilfield with several major oil companies in which government royalties were exchanged for a 4.9 percent equity stake in the project.
Split into simpler sentences: On August 21,2007, Williams signed a Memorandum of understanding for the Hebron offshore oilfield with several major oil companies. The agreement sacrificed royalty rates in exchange for the ability for the province to acquire a 4.9 percent equity stake in the project.