BP sells 5% of the Australian Browse LNG Project to South Korea’s GS Energy

GS Energy, a South Korean company, has agreed to buy 5% of BP's stake in Browse - a liquefied gas project in Western Australia.

The deal leaves BP with a stake of 39.33% in the Woodside project. This project is estimated to cost A$48.7billion ($34.96billion) and aims to develop Australia’s largest untapped 'gas resource.

The company stated that "the dilution reflects BP’s disciplined portfolio management approach by bringing in a partner who complements the substantial?work already?undertaken for the Browse to North West Shelf Project."

"BP and its Partners continue to?see long-term value?? in the project, which includes its role in supporting energy?security in Australia and the area."

The North West Shelf is one of Australia's largest LNG export facilities. However, the progress has been slowed by regulatory approvals.

BP sold its stake after Inpex, a Japanese company, announced last month that it would purchase PetroChina's 10% share in the 'project. Woodside has said that it may exercise its pre-emption right to match Inpex’s offer.

BP acquired Shell's'stake' in 2023, and became the largest shareholder. Meg O'Neill is the new CEO of BP, formerly the?CEO at Woodside.

The British energy'major' did not disclose the price. (1 Australian dollar = 1.3931 dollars) (Reporting and editing by Jacqueline Wong, Thomas Derpinghaus and Christine Chen)

(source: Reuters)