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BP to Reportedly Sell 5% Stake in Browse LNG in Australia; Azerbaijan ACG Field Begins Production

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Oil supermajor BP (BP) has reportedly agreed to sell 5% of its stake in Australia's Browse liquefied natural gas project to South Korean energy holding company GS Energy for an undisclosed amount, according to multiple media outlets.

BP will retain a 39.33% working interest in the under-development project operated by Woodside Energy (WDS). The transaction remains subject to regulatory and joint venture approvals, according to Reuters.

BP did not immediately respond to' request for comment.

The deal followed last month's announcement from Japan's Inpex that it would buy a 10% stake in the project from PetroChina.

The development, estimated to cost AU$48.7 billion ($34.95 billion), is reportedly expected be one of the biggest projects in the country.

It has, however, faced regulatory challenges and has not yet received environmental approval, Bloomberg reported, citing concerns over plans to drill near the Scott Reef in the Indian Ocean.

On Monday, BP reported that production of non-associated gas at the Azeri-Chirag-Gunashli field in the Azerbaijan part of the Caspian Sea has begun.

BP, the operator of the field, noted that ACG contains between 4 trillion and 6 trillion cubic feet of recoverable reserves.

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