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BP sells 5% stake in Australia's Browse LNG project

Created at 1 Jun · 8:16 AM6 sources↑ Market-relevant5 events
IN SHORT

BP is selling a 5% stake in the Browse LNG project in Australia to South Korea's GS Energy Corp. The project is valued at $35 billion, and BP's stake will reduce from 44% to 39%. Woodside Energy is the operator.

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Key Numbers

5%stake sold by BP in Browse LNG
$35 billionBrowse natural gas project valuation
44%BP's total interest in Browse LNG before divestment
39%BP's interest in Browse LNG after divestment
11.4 million tonnes per annumplanned production capacity at Browse
50,000 barrels per daypeak condensate production rate at Browse

Who's Involved

BP
Seller of 5% stake in Australia's Browse LNG project
GS Energy Corp.
Buyer of 5% stake in Australia's Browse LNG project
Woodside Energy
Operator of the Browse LNG project
Japan Australia LNG (MIMI Browse) Pty Ltd
Existing shareholder in the Browse Joint Venture
PetroChina International Investment (Australia) Pty Ltd
Existing shareholder in the Browse Joint Venture
BP sells 5% stake in Australia's Browse LNG project

↳ Why This Matters

BP is divesting a 5% stake in the Browse LNG project in Australia to South Korea's GS Energy Corp. The project, which is valued at $35 billion, is being progressed by Australian energy giant Woodside. BP stated that this move is part of its disciplined approach to portfolio management, aiming to bring in a committed partner. The project's development is seen as potentially favorable due to rising Asian energy demand and energy security concerns stemming from Middle Eastern conflicts.

Key facts

  • BP is selling a 5% stake in the Browse LNG project in Australia.
  • GS Energy Corp. of South Korea is the buyer of the stake.
  • The Browse LNG project is valued at $35 billion.
  • BP's stake will reduce from 44% to 39% after the sale.
  • Woodside Energy is the operator of the Browse LNG project.

BP is divesting a 5% stake in the Browse LNG project in Australia to South Korea's GS Energy Corp. The project, which is valued at $35 billion, is being progressed by Australian energy giant Woodside. BP stated that this move is part of its disciplined approach to portfolio management, aiming to bring in a committed partner. The project's development is seen as potentially favorable due to rising Asian energy demand and energy security concerns stemming from Middle Eastern conflicts.

Frequently asked questions

BP stated the divestment reflects a disciplined approach to portfolio management by bringing in a committed partner.

South Korea's GS Energy Corp. is purchasing the 5% stake.

It is an Australian natural gas project that involves delivering gas from specific fields to the existing Karratha Gas Plant, with a planned production capacity of 11.4 million tonnes per annum.

What Happens Next

01Woodside Energy is progressing the Browse LNG project towards front-end engineering and design entry.

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Cadence
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How It Developed

2 Jun · 12:55 AM
Article states Browse LNG project is valued at $35 billion, contradicting earlier reports of A$48.7 billion.
@zerohedge via PiQSuite
2 Jun · 12:55 AM
Article restates BP's sale of a 5% stake in the Browse LNG project to GS Energy, adding project details and other shareholders.
ZeroHedge News via PiQSuite
1 Jun · 12:30 PM
BP is selling a 5% stake in the Browse LNG project to GS Energy, reducing its interest to 39%.
OilPrice.com Updates daily via PiQSuite
1 Jun · 11:25 AM
BP has started gas production at Azerbaijan's ACG field and sold a 5% stake in Australia's Browse LNG.
Seeking Alpha via PiQSuite
1 Jun · 7:54 AM
BP Plc will sell a 5% stake in Australia's A$48.7 billion Browse natural gas project to South Korea's GS Energy Corp.
Bloomberg | Markets via PiQSuite

Sources

T1
BP Dilutes Stake in Australia's Browse With 5% Sale to GS Energym.piqsuite.com
T1
BP starts gas production at Azerbaijan's ACG field; sells 5% stake in Australia's Browse LNGm.piqsuite.com
T1
BP Sells 5% Stake in Australia's Newest $35 Billion LNG Projectm.piqsuite.com
T1
BP Sells 5% Stake In Australia's Newest $35 Billion LNG Project https://t.co/Q17FgKYuxh@zerohedge via PiQSuite
T1
BP Sells 5% Stake In Australia's Newest $35 Billion LNG Projectm.piqsuite.com
T1
BP to sell 5pc stake in Australia's Browse LNG projectm.piqsuite.com

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