BP agrees to dilute its interest in Australia’s Browse natural gas and LNG project by selling a 5% stake to South Korea’s GS Energy, according to Bloomberg and Reuters-cited details. The transaction reduces BP’s holding in the Browse joint venture from about 44% to about 39%. The Browse project is valued at roughly A$48.7 billion, with figures also described elsewhere as about US$35 billion, and is associated with Woodside Energy’s planned development. Woodside is the project operator and holds a 30.6% stake in the joint venture. Other shareholders mentioned include Japan Australia LNG (MIMI Browse) Pty Ltd and PetroChina International Investment (Australia) Pty Ltd, with GS Energy joining as the new 5% partner. The project is described as being in the concept definition phase and aimed at progressing toward front-end engineering and design. Development plans include connecting gas fields to existing infrastructure via a long pipeline and using floating production storage and offloading facilities, with carbon capture and storage incorporated into the offshore design. Planned capacity is cited as 11.4 million tonnes per annum of LNG, LPG and domestic gas.
BP to sell 5% stake in Australia’s Browse gas project to GS Energy
BP agrees to dilute its interest in Australia’s Browse natural gas and LNG project by selling a 5% stake to South Korea’s GS Energy, according to Bloomberg and Reuters-cited details. The transaction r...
- BP sells a 5% stake to South Korea’s GS Energy in Australia’s Browse natural gas/LNG project.
- BP’s stake in the Browse joint venture falls from about 44% to about 39% after the sale.
- Woodside Energy is the operator and holds a 30.6% stake in the Browse joint venture.
- The Browse project is in the concept definition phase and is designed to connect gas fields via a long pipeline and use floating production storage and offloading facilities.
- Other joint-venture shareholders cited include Japan Australia LNG (MIMI Browse) Pty Ltd and PetroChina International Investment (Australia) Pty Ltd.
BP Sells 5% Stake In Australia's Newest $35 Billion LNG Project By Tsvetana Paraskova of OilPrice.com BP will sell 5% in the $35-billion Browse LNG project in Australia, which Australian energy giant Woodside is looking to progress, the UK-based supermajor told Reuters on Monday. BP is selling the 5% stake, out of its total of its 44% interest, to South Korea's GS Energy. “The dilution reflects BP’s disciplined approach to portfolio management by bringing in a committed partner,” BP said in a statement emailed to Reuters. The Browse LNG project in Australia, proposed by Woodside Energy, entails the Browse to North West Shelf (NWS) Project to deliver natural gas from the Calliance, Torosa, and Brecknock fields to the existing Karratha Gas Plant. The Browse project proposes to connect the natural gas fields via a 900-kilometre pipeline, connected to two floating production storage and offloading facilities, while a CCS solution has been incorporated into the offshore design. Production capacity at Browse is planned to be 11.4 million tonnes per annum (LNG, LPG, and domestic gas) and a peak condensate production rate of 50,000 barrels per day. The project is currently in the concept definition phase, and key activities continue in support of progress towards front-end engineering and design entry, Woodside said last month. Woodside is the operator of the project with a 30.6% stake in the Browse Joint Venture. Before the BP-GS Energy deal, the British major held 44.33%. The sell-down will reduce BP’s interest in the joint venture to 39%. Japan Australia LNG (MIMI Browse) Pty Ltd and PetroChina International Investment (Australia) Pty Ltd were the other shareholders in the joint venture before GS Energy joins the project with the 5% stake acquired from BP. The Browse LNG project may have good chances to pass all pre-development and pre-construction stages in the coming years as Australian and Asian energy demand is rising, while the Middle Eastern crisis has created new energy security concerns among buyers. Tyler Durden Mon, 06/01/2026 - 20:55
2 months agoBP Plc has agreed to dilute its stake in the A$48.7 billion Browse natural gas project by selling 5% to South Korea’s GS Energy Corp.
2 months ago
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