BP Sells 5% Stake in Australia’s Browse LNG Project to GS Energy

BP sold a 5% stake in Australia’s $35 billion Browse LNG project to South Korea’s GS Energy on June 1, 2026, trimming its interest to 39% as part of a portfolio management move. The project, operated by Woodside Energy with a 30.6% stake, aims to develop gas fields off Western Australia’s coast. The Browse venture plans to connect the Calliance, Torosa, and Brecknock fields via a 900-kilometer pipeline to the existing Karratha Gas Plant, targeting production capacity of 11.4 million tonnes per year of LNG, LPG, and domestic gas, plus up to 50,000 barrels per day of condensate. It remains in the concept definition phase, with Woodside advancing front-end engineering and design. BP said the sale reflects a disciplined approach to portfolio management by bringing in a committed partner. The transaction reduces BP’s holding from 44.33% to 39%, while GS Energy enters the joint venture. Other shareholders include Japan Australia LNG and PetroChina.