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Update: BP to Sell 5% Stake in Australia's Browse Project

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(Updates to add information)

BP (BP.L) is reducing its interest in the Browse natural gas project in Australia to 39.33%, according to a Monday emailed statement.

The British oil and gas company agreed to divest a 5% working interest in the project to South Korean energy services provider GS Energy. The development is Australia's biggest undeveloped offshore gas resource.

"bp and its partners continue to see long-term value in the project, including its role in supporting energy security in Australia and the region," the company said.

The transaction is subject to regulatory and joint venture approvals.

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