Woodside Energy pre-empts INPEX to boost Browse JV stake
Woodside Energy (ASX:WDS) has given notice to exercise its right of pre-emption regarding the sale of PetroChina International Investment (Australia)'s 10.67% participating interest in the Browse joint venture.
The stake was originally slated for acquisition by a subsidiary of INPEX CORPORATION.
Following the completion of this transaction, and assuming no other joint venture partners exercise similar pre-emption rights, Woodside’s total equity interest in the BJV will rise to 41.27%.
The financial terms of Woodside’s acquisition mirror the original CNPC/INPEX agreement.
This includes an initial payment to CNPC of US$225 million, alongside the reimbursement of CNPC’s BJV cash call contributions made between 30 June 2025 and the ultimate completion date.
Furthermore, a contingent payment of US$175 million will be payable to CNPC, subject to the BJV taking a final investment decision for the development of the Brecknock, Calliance, and Torosa fields on or before June 30, 2032.
Located off the west coast of Australia, Browse represents the nation’s largest undeveloped conventional gas resource, with a potential production capacity of 11.4 million tonnes per annum of LNG, LPG, and domestic gas.
Woodside CEO Liz Westcott emphasised that the acquisition aligns integrated value across upstream resources and North West Shelf infrastructure, providing a disciplined, capital-efficient pathway to maximise long-term shareholder returns.
The acquisition remains subject to customary conditions precedent, including regulatory approvals.
