en.Wedoany.com Reported - Woodside Energy announced on Friday that it has exercised its preemptive right to purchase a 10.67% stake in the Browse gas field off the coast of Western Australia from PetroChina, blocking PetroChina's planned transaction with Japan's INPEX.

Woodside agreed to pay PetroChina $225 million in cash and reimburse all capital contributions up to June 30, 2025. The agreement also includes a contingent payment of $175 million if the Browse joint venture makes a final investment decision on the Brecknock, Calliance, and Torosa gas fields before June 30, 2032.

Interest in the Browse project has recently increased, with PetroChina planning to sell its stake to INPEX, while BP announced that South Korea's GS Energy will participate in another transaction. Browse is Australia's largest undeveloped conventional gas resource, and the project plans to connect offshore gas fields with the North West Shelf liquefied natural gas facility in Western Australia.

Woodside stated that if no other party exercises its preemptive right, the acquisition will increase its stake in Browse to 41.27%. The company also noted that the transaction is subject to regulatory approvals and other customary conditions.

PetroChina purchased its stake in the Browse project, operated by Woodside Energy, from BHP for $1.63 billion in December 2012. Woodside Energy is the operator of the project, with BP and Japan LNG (a joint venture of Mitsui, Mitsubishi, and Mitsui & Co.) as its partners.

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