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Woodside Exercises Browse Pre-Emption Right

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Woodside (WDS) has given notice exercising its right to pre-empt the sale of PetroChina International Investment Australia's 10.67% stake in the Browse Joint Venture to a subsidiary of Inpex, it said in a statement on Friday.

The terms of Woodside's acquisition will reflect those of the CNPC/INPEX transaction including a payment to CNPC of $225 million plus refunding of CNPC's BJV cash call contributions between June 30, 2025 and the completion date, Woodside said.

There will be a $175 million contingent payment to CNPC once the BJV takes a final investment decision to development all of the Brecknock, Calliance and Torosa fields on or before June 30, 2032.

The Browse resource is Australia's biggest undeveloped conventional gas resource, potentially able to produce 11.4 million tonnes per annum of LNG, LPG and domestic gas, the statement said.

It is located off the west coast of Australia and brings an opportunity to develop energy supply with increased demand coming from the Asia Pacific region and to provide a new source of gas for Western Australia.

Woodside's CEO Liz Westcott said the interest in Browse, as seen in the CNPC/Inpex transaction and BP's (BP) announced transaction with GS Energy reinforce the quality and scale of the resource.

"Woodside's decision to pre-empt reflects our commitment to continue progressing the proposed Browse to North West Shelf development. We see this as a pathway to maximise long-term shareholder value," she said.

Woodside will hold a 41.27% stake in the BJV after completion of the acquisition.

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