en.Wedoany.com Reported - BP has reached an agreement to dilute a 5% interest in the Browse project in Western Australia to GS Energy, retaining a 39.33% working interest after the transaction. The British oil giant disclosed this information in an emailed statement.

The deal is subject to regulatory and joint venture approvals. BP stated that this dilution reflects its rigorous approach to portfolio management, complementing extensive work to advance the Browse to North West Shelf (NWS) project by introducing a committed partner. The project is moving toward the front-end engineering and design phase and securing necessary environmental approvals. BP added that the company and its partners remain confident in the project's long-term value, including its role in supporting energy security in Australia and the region.

BP currently holds a 44.33% stake in the Browse LNG project, which includes a 27% interest acquired from British LNG giant Shell in 2023. Prior to BP's move, Japan's Inpex had reached an agreement with PetroChina International to acquire the latter's 10.67% stake in the project.

Australian LNG producer Woodside estimates the Browse LNG project will cost A$48.7 billion, equivalent to US$35 billion. The Australian company holds a 30.6% working interest in the project, while Japan Australia LNG, a joint venture between Mitsubishi and Mitsui, holds a 14.4% interest. Woodside and its partners submitted the project proposal in 2018, with a capital estimate of A$27.3 billion at the time, subsequently adding a carbon capture and storage (CCS) plan. Compared to the project's 2019 Scope 1 emissions estimate, this plan could reduce greenhouse gas emissions by 53 million tonnes of CO2 equivalent.

The Browse to NWS project is expected to produce 11.4 million tonnes per year of liquefied natural gas, liquefied petroleum gas, and domestic gas, with a peak condensate production of 50,000 barrels per day. Natural gas from the Calliance, Torosa, and Brecknock fields will be transported via an approximately 900-kilometer pipeline to the Karratha gas plant, part of the North West Shelf project, connecting two floating production storage and offloading units.

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