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BP Reportedly Selling 5% Stake in Browse LNG Project to GS Energy

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BP (BP) is selling a 5% stake in the Browse liquefied natural gas project in Western Australia to GS Energy, leaving it with a 39.33% interest in the project, news outlets reported Monday.

Financial details of the transaction were not disclosed.

The sale is part of BP's portfolio management strategy of onboarding a partner to advance the project, the reports said, citing an emailed statement from BP. The project is expected to cost 48.7 billion Australian dollars ($34.97 billion) according to the reports.

BP and GS Energy did not immediately respond to' requests for comments.

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