BP PLC has announced an agreement to sell a 5% interest in the Browse liquefied natural gas project off Western Australia to GS Energy of South Korea.

Following this divestment, BP's ownership in the venture will be reduced to 39.33%. The Browse project, led by Woodside Energy, represents an estimated investment of AUD 48.7 billion and aims to develop Australia's largest untapped gas resource.

In a statement, BP indicated that bringing in GS Energy as a partner committed to advancing the project towards the North West Shelf reflects a disciplined approach to portfolio management. BP and its partners maintain confidence in the project's long-term value, including its role in supporting energy security for Australia and the wider region.

The Browse project is designed to supply gas to the North West Shelf, one of Australia's largest LNG export facilities, though its progress has been hindered by delays in regulatory approvals. The transaction with GS Energy is subject to regulatory and joint venture approvals.

This sale follows a recent move by Japan's Inpex, which last month announced the acquisition of a 10% stake in the project from China National Petroleum Corporation. Woodside has stated it is considering exercising its pre-emptive rights to match Inpex's offer.

BP became the largest shareholder in the Browse project in 2023 after acquiring Shell's stake. The company is currently led by former Woodside CEO Meg O'Neill. BP did not disclose the financial terms of the sale to GS Energy. GS Energy declined to comment.