BP Sells 5% Stake in Australia's Newest $35 Billion LNG Project

AI Summary

BP announced it will sell a 5% stake in the $35 billion Browse LNG project in Australia to South Korea's GS Energy. This deal reflects BP's strategic portfolio management and brings in a committed partner for the project led by Woodside Energy.

BP will sell 5% in the $35-billion Browse LNG project in Australia, which Australian energy giant Woodside is looking to progress, the UK-based supermajor told Reuters on Monday. BP is selling the 5% stake, out of its total of its 44% interest, to South Korea's GS Energy. “The dilution reflects BP’s disciplined approach to portfolio management by bringing in a committed partner,” BP said in a statement emailed to Reuters. The Browse LNG project in Australia, proposed by Woodside Energy, entails the Browse to North West Shelf (NWS)…