(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.