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business/news//Reuters
Browse is earmarked to supply gas to the North West Shelf, one of Australia's biggest LNG export facilities.
BP has diluted its stake in the Browse to North West Shelf Project by bringing in GS Energy.
KEY POINTS
BP acquired the largest share in the Browse project after buying Shell's stake in 2023.
Regulatory delays have continued to hinder progress on the Browse gas project to supply the North West Shelf.
BP did not disclose the financial terms of the stake sale to GS Energy.
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"The dilution reflects BP's disciplined approach to portfolio management by bringing in a committed partner that complements the substantial work already undertaken to advance the Browse to North West Shelf Project," the company said in an emailed statement.
"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."
Browse is earmarked to supply gas to the North West Shelf, one of Australia's biggest LNG export facilities, but its progress has been delayed by regulatory approvals.
BP became the project's largest stakeholder after buying Shell's stake in 2023. BP is now run by Meg O'Neill, the former CEO of Woodside.
The British energy major did not disclose the price of the sale to GS Energy.
($1 = 1.3931 Australian dollars)
Reporting by Christine Chen in Sydney; Editing by Jacqueline Wong and Thomas Derpinghaus