Woodside Energy acquires PetroChina's stake in Browse gas fields joint venture

Type: Acquisition · Technology: Oil Gas · Country: Australia · Value: $225M · Announced: 2026-06-11

Woodside Energy exercised its pre-emptive right to acquire PetroChina's 10.67% stake in the Browse gas fields joint venture off Western Australia for $225 million, blocking a previously agreed sale to Japan's INPEX. The transaction includes reimbursement of PetroChina's cash call contributions since June 30, 2025, and a contingent payment of $175 million if the Browse joint venture reaches a final investment decision on developing the Brecknock, Calliance, and Torosa gas fields by June 30, 2032. Woodside's interest in the Browse joint venture will increase to 41.27% upon completion, subject to regulatory approvals and other customary conditions. The Browse project is Australia's largest undeveloped conventional gas resource and is expected to supply gas to the North West Shelf LNG facilities in Western Australia. PetroChina originally acquired its stake in the Browse project for $1.63 billion in December 2012 from BHP.

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