Woodside Acquires PetroChina Stake in Browse Venture for $225 Million
The acquisition includes a contingent $175 million payment tied to a future final investment decision, aligning with the company’s strategy to utilise existing North West Shelf infrastructure.
Woodside Energy has exercised its pre-emption rights to acquire PetroChina International Investment (Australia) Pty Ltd’s 10.67% participating interest in the Browse Joint Venture for $225 million. The transaction also requires Woodside to reimburse PetroChina for cash call contributions made to the joint venture since June 30, 2025.
Under the terms of the agreement, Woodside will make a contingent payment of $175 million if the joint venture reaches a final investment decision for the development of the Brecknock, Calliance, and Torosa gas fields by June 30, 2032. The deal effectively matches a previously announced transaction between PetroChina and a subsidiary of Japan’s INPEX Corporation.
Assuming no other participants exercise their pre-emption rights, Woodside’s interest in the project will rise from 30.6% to 41.27%. The acquisition remains subject to customary regulatory approvals and other closing conditions.
Chief Executive Officer Liz Westcott stated that the move reflects Woodside’s commitment to progressing the proposed Browse-to-North West Shelf development. She described the acquisition as a capital-efficient method to align the company’s interests across the upstream Browse resource and the North West Shelf processing infrastructure, aiming to enhance project economics and long-term cash flow generation.
The Browse Joint Venture, located offshore Western Australia, is estimated to support production of 11.4 million tonnes per year of liquefied natural gas, liquefied petroleum gas, and domestic gas. The project has historically faced delays due to regulatory, commercial, and cost challenges, though rising LNG demand across Asia-Pacific markets and concerns regarding future domestic gas supply in Western Australia have renewed focus on bringing the resource forward.
Woodside intends to continue technical studies, commercial negotiations, and regulatory approvals with joint venture partners before any final investment decision is made. The company emphasised that capital allocation discipline remains a key consideration as it seeks to develop the resource using existing North West Shelf infrastructure to reduce costs.
The acquisition follows renewed market interest in the Browse project, highlighted by BP’s recent sale of its stake to South Korea’s GS Energy. Woodside noted that these transactions underscore the perceived strategic importance of the resource within the broader energy landscape.
