BP sells additional five percent Browse Project stake to Japan’s Osaka Gas in latest Australian asset divestment
BP just agreed to sell another five percent stake in Australia’s Browse Project — this time to Japan’s Osaka Gas Co Ltd. It’s the latest in a series of ownership moves at one of the country’s most closely watched offshore gas developments. The deal covers interests in the Brecknock, Calliance, and Torosa gas fields off Western Australia’s coast. Once Browse reaches production, Osaka Gas expects to take roughly 550,000 metric tons of LNG per year from the project.
BP agrees to sell Browse Project stake to Osaka Gas
The buyer is Osaka Gas Browse Pty Ltd, a subsidiary created specifically for this transaction. Along with those 550,000 metric tones of LNG annually, the company expects to receive associated LPG and domestic gas. For a Japanese utility actively working to lock in long-term supply, that volume is a meaningful addition to its procurement portfolio.
The deal isn’t done yet. Regulatory sign-off is required, and BP also has to get consent from its co-venturers in the Browse Joint Venture — standard conditions for a transaction like this, but they do mean the transfer remains pending.
Once both sell-downs — to Osaka Gas and GS Energy — close, BP will hold a 34.33 percent stake in the Browse Joint Venture through BP Developments Australia Pty Ltd.
Why BP is reducing its Browse Project interest
BP kept its explanation simple. The company called it part of a “disciplined approach to portfolio management” that also brings in a committed partner — one that complements the work already done to advance the Browse to North West Shelf Project. So it’s not purely about trimming exposure. BP is also trying to build a stronger consortium around the development.
This isn’t a standalone move. On June 2, 2026, BP agreed to transfer another five percent stake — that time to South Korea’s GS Energy Corp. Two similar-sized sell-downs to two different East Asian LNG buyers within months of each other looks like a deliberate, phased strategy rather than any kind of one-off decision.
Osaka Gas had its own reasons for getting in. The company pointed to energy security benefits for both Australia and Japan — the project’s domestic gas component serves the Australian market, while the LNG side supports Japan’s supply needs. That dual benefit made the deal work from Osaka Gas’s perspective.
Impact on ownership structure and project progress
Once both sell-downs — to Osaka Gas and GS Energy — close, BP will hold a 34.33 percent stake in the Browse Joint Venture through BP Developments Australia Pty Ltd. Still a significant position, but noticeably smaller than where BP stood before this round of divestments.
Operator Woodside Energy Group will hold 41.27 percent, making it the dominant partner by a clear margin. That increased share partly reflects Woodside exercising its co-venturer pre-emption right earlier this year — the company blocked China National Petroleum Corp’s planned sale of a 10.67 percent interest to Japan’s INPEX Corp and took that stake itself instead.
Japan Australia LNG (MIMI Browse) Pty Ltd holds 14.4 percent, while GS Energy and Osaka Gas hold 5 percent each to complete the 100 percent breakdown. The joint venture now brings together Australian, Japanese, and South Korean interests, a lineup that mirrors the project’s primary export market.
On the development side, Browse is currently in pre-front-end engineering and design (pre-FEED) and progressing toward FEED. Neither milestone is complete, so Browse remains in its pre-final investment decision phase.
Background: The Browse Project and its role in Australian LNG supply
Browse targets gas fields in the Browse Basin, offshore Western Australia. Getting that gas to market requires connecting the fields to existing onshore infrastructure at the Karratha Gas Plant through a new pipeline running approximately 560 miles. By any standard, that’s a substantial piece of infrastructure.
Two floating production, storage, and offloading facilities — FPSOs — are also part of the development concept. Common in offshore projects where fixed platforms aren’t practical, they’d allow Browse gas to be processed at sea before flowing onshore through the pipeline.
The Karratha Gas Plant is already a major hub. Through the North West Shelf Project, it processes output from the Angel, Goodwyn, North Rankin, Perseus, and Searipple fields in the offshore Northern Carnarvon Basin, turning it into LNG, LPG, domestic gas, and condensate. Browse feed gas would supplement that supply as those legacy fields gradually wind down — essentially extending the plant’s productive life.
Woodside has been upfront about its expectations for the integrated concept. The company anticipates strong returns across the value chain and long-term economic benefits for Western Australia and Australia more broadly.
BP will still hold 34.33 percent
BP’s agreement to sell a five percent Browse stake to Osaka Gas is the second such deal in under four months, following the earlier GS Energy transaction. Once both close, BP will hold 34.33 percent, Woodside will control 41.27 percent, Japan Australia LNG (MIMI Browse) will retain 14.4 percent, and GS Energy and Osaka Gas will each hold 5 percent.
Browse is still working through pre-FEED and environmental approvals — production remains years away. The ownership reshaping, though, keeps pulling in long-term LNG buyers as equity partners, tying customer demand directly to project development. That structure could prove important when the time for a final investment decision eventually arrives.
Kelly is an experienced writer with 15 years of experience exploring the big stories that shape our world, from tech breakthroughs and space exploration to climate, energy, and the fascinating quirks of science. She has a talent for turning complex ideas into sharp, memorable insights that stay with readers long after they’ve finished reading.
