bp has entered into an agreement to dilute a further 5% interest in the Browse Project in Western Australia to Osaka Gas Browse Pty Ltd, reducing bp’s working interest to 34.33%.
The transaction reflects bp’s disciplined approach to portfolio management and brings in a committed partner that complements the substantial work already undertaken to advance the Browse to North West Shelf (NWS) Project.
The project continues to progress towards front-end engineering and design (FEED) and the securing of the necessary environmental approvals.
The proposed Browse to NWS Project development concept involves producing gas from Browse, Australia’s largest undeveloped offshore gas resource, and processing it through the NWS Project’s Karratha Gas Plant.
bp and its partners continue to see strong long-term value in the project, including its role in supporting energy security in Australia and across the region.
bp values its long-standing relationship with Osaka Gas and welcomes the company as a strategic partner in the Browse Project.
Completion of the transaction remains subject to regulatory approvals and joint venture partner approvals.
bp Press Office – Australia
Email: bppressanz@bp.com
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