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Shell sells stake in $30b Woodside gas project to BP

FINANCIAL REVIEW

Shell sells stake in $30b Woodside gas project to BP

Brad Thompson Reporter. Apr 29, 2023
BP will acquire fellow global energy major Shell’s stake in the $30 billion Browse LNG project in Western Australia hot on the heels of Woodside Energy boss Meg O’Neill issuing a warning about the mounting regulatory hurdles and policy changes facing the project’s backers.

The deal boosts BP stake in the Browse project, led by Woodside, to 44 per cent. PetroChina and Japanese heavyweights Mitsubishi and Mitsui also have stakes in what is touted as Australia’s largest untapped conventional gas resource.

It is understood BP finalised the acquisition of the Shell stake on Friday night Perth time just hours after protesters and climate change activists targeted the Woodside annual general meeting in the city.

BP was also forced to defend its emissions’ reduction strategy at a fiery AGM in London on Thursday where some protesters were forcibly removed from the meeting.

Shell said it had agreed to sell its 27 per cent stake in Browse for an undisclosed price because the asset was “no longer a strategic fit” in the company’s global portfolio.

The sale of Shell’s stake in Browse to BP is subject to regulatory approvals.

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