Woodside to Buy 10.67% Browse JV Stake for USD225m, Raising Stake to 41.27%
WDS•Woodside Energy will pay USD 225 million to acquire PetroChina’s 10.67% interest in the offshore Browse Joint Venture and reimburse cash call contributions from June 30, 2025, with a USD 175 million contingent payment due upon final investment decision by June 30, 2032. Completion hinges on regulatory approvals, and Woodside’s stake would climb to 41.27%, supporting potential development of 11.4 mtpa liquefied natural gas capacity in the Browse fields.
1. Acquisition Terms
Woodside Energy has exercised its pre-emption right to purchase PetroChina’s 10.67% interest in the offshore Browse Joint Venture for USD 225 million, plus reimbursement of PetroChina’s cash call contributions from June 30, 2025. A USD 175 million contingent payment will become payable if the joint venture reaches a final investment decision on the Brecknock, Calliance and Torosa field developments by June 30, 2032. Completion remains subject to regulatory clearances.
2. Stake Increase and Resource Scale
If no other partners exercise pre-emption rights, Woodside’s holding in the Browse Joint Venture will rise to 41.27%. The Browse Basin resource represents Australia’s largest undeveloped conventional gas resource, with estimated production potential of 11.4 mtpa of LNG, LPG and domestic gas.
3. Strategic Development Outlook
The acquisition aligns with Woodside’s integrated development plan linking Browse offshore resources with North West Shelf onshore facilities, aiming to maximize long-term cash flow. The board will continue technical, commercial and regulatory evaluations before making a final investment decision under its capital allocation framework.
