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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
Sign up here. "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
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