What did BP announce regarding the Browse LNG project?

BP agreed to sell a 5% stake in Western Australia's Browse liquefied natural gas (LNG) project to South Korea's GS Energy. The transaction leaves BP with a 39.33% holding in the venture, which is led by operator Woodside Energy (ASX:WDS).

Why did BP reduce its stake in the Browse LNG development?

Management stated that the dilution reflects a disciplined approach to portfolio management. By selling the 5% stake, BP is bringing in a committed partner in GS Energy to help share the heavy capital expenditure (capex) load and advance the massive project.

What is the scale and purpose of the Browse LNG project?

Browse is a mega-project carrying an estimated price tag of A$48.7 billion ($34.96 billion) that aims to commercialise Australia's largest untapped conventional gas resource.

Why is GS Energy's entry seen as a constructive sign for Woodside Energy (ASX:WDS)?

Analysts note that project operator Woodside is highly likely to support GS Energy’s involvement because the South Korean firm is viewed as a natural future customer for the gas. GS Energy is expected to align closely with Woodside’s existing development plans.

What are the key bull points for Woodside Energy (ASX:WDS) following this asset sale?

The deal introduces GS Energy as a reliable, long-term buyer and infrastructure partner, which reduces commercial risk for Woodside Energy (ASX:WDS). It also demonstrates renewed international corporate interest in the asset despite years of delays.

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BP sells 5% Browse LNG Project stake to GS Energy

Written by Liezl GambePublished Jun. 1 2026Last Updated Jun. 1 2026

British energy giant BP has agreed to sell a 5% stake in Western Australia’s Browse Liquefied Natural Gas Project to South Korea’s GS Energy, marking another shift in the venture’s ownership structure.

The transaction leaves BP with a 39.33% holding in the Woodside Energy-led (ASX:WDS) development.

While BP did not disclose the financial terms of the deal, the company stated that the dilution reflects a disciplined approach to portfolio management by bringing in a committed partner to help advance the project.

The Browse development, which carries an estimated price tag of $48.7 billion, aims to tap into Australia’s largest unexploited gas resource to supply the North West Shelf export facility.

Progress has been routinely stalled by commercial and regulatory hurdles, but analysts view this latest divestment as a positive step.

The transaction follows a separate move last month where Japan’s Inpex announced plans to acquire PetroChina’s 10% share in Browse—a deal Woodside is still considering pre-empting due to concerns that Inpex might try to reroute the gas through its own Ichthys infrastructure.

Completion of BP’s sale to GS Energy remains conditional upon standard regulatory and joint venture approvals.