BP Sells 5 Percent Stake in Browse LNG to GS Energy
BP has agreed to sell a 5% stake in Australia's Browse liquefied natural gas project to South Korea's GS Energy. The deal reduces BP's holding to 39.33% as the company seeks to bring in partners for the $35 billion development. The transaction remains subject to regulatory and joint venture approvals.
BP PLC will sell a 5% stake in the Browse LNG project in Australia to South Korea-based GS Energy. The transaction reduces the United Kingdom-based energy major's holding to 39.33% in the A$48.7 billion ($34.96 billion) venture. The deal introduces a strategic partner to help develop the largest untapped gas resource in the region.
### Strategic Partnering for Offshore Gas BP characterized the dilution as a disciplined approach to portfolio management. The company stated the move brings in a committed partner to complement work already undertaken to advance the project toward the North West Shelf infrastructure. BP and its partners maintain that the asset is vital for long-term energy security across the Indo-Pacific.
