Woodside Energy to Buy PetroChina's Stake in Browse LNG Project
By David Winning
SYDNEY--Woodside Energy said it would exercise a right to buy PetroChina's 10.67% stake in the joint venture that owns the Browse natural-gas project, effectively scuttling the Chinese company's planned sale of the shareholding to Japan's Inpex.
Woodside said on Friday that its interest in the Browse JV would rise to 41.27% when the deal completes.
Browse, located offshore western Australia, is the country's largest undeveloped conventional natural-gas resource. Woodside said the project could produce some 11.4 million metric tons liquefied natural gas, liquefied petroleum gas and domestic natural gas annually.
The field has long been a growth opportunity for Woodside and partners, but has been slow to progress due to relatively high levels of carbon dioxide in the reservoir and the companies prioritizing other investments. The JV partners examined several development options for Browse before concluding that piping natural gas to the existing North West Shelf LNG export facility in northern Australia would be the best outcome.
Renewed interest in Browse comes as the world's LNG trade been upended by the conflict in the Middle East and as energy importers seek greater security of supply. Iranian attacks on Qatar have damaged key infrastructure producing LNG for export, and the blockade of the Strait of Hormuz has limited energy flows through the Persian Gulf.
"Woodside's decision to pre-empt reflects our commitment to continue progressing the proposed Browse to North West Shelf development," said Chief Executive Liz Westcott. "Browse to the North West Shelf remains an important growth option for Woodside."
Terms of the deal involve Woodside making a US$225 million payment to PetroChina, plus reimbursement of the Chinese company's spending on the project between the end of June 2025 and the completion of the acquisition.
Woodside has also agreed to an additional US$175 million payment to PetroChina on condition that the Browse JV makes a final investment decision on the development of the Brecknock, Calliance and Torosa natural-gas fields no later than the end of June 2032.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
June 11, 2026 20:20 ET (00:20 GMT)
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