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Woodside Energy (ASX: WDS) has exercised its pre-emptive rights to acquire PetroChina’s 10.67% interest in the Browse gas project off the coast of Western Australia, preventing the stake from being transferred to Japan’s Inpex Corp. (TYO: 1605).
The Australian energy giant announced on Friday that it will pay $225 million to PetroChina for the stake. In addition to the purchase price, Woodside will reimburse cash call contributions that have been made since mid-2025. The transaction strengthens Woodside’s position in one of Australia’s largest undeveloped natural gas resources.
Following the acquisition, Woodside’s ownership in the Browse joint venture will increase to 41.27%, further consolidating its influence over the future development of the project. Browse is considered a strategically important gas asset and has long been viewed as a key contributor to Australia’s future liquefied natural gas (LNG) production capacity.
As part of the agreement, Woodside will also make a contingent payment to Inpex of up to $175 million if the Browse venture reaches a final investment decision (FID) covering the full development of the Brecknock, Calliance, and Torosa gas fields. These fields form the core of the broader Browse resource base.
Despite the acquisition, Woodside shares fell more than 2% in trading after the announcement. The decline was partly attributed to weaker oil prices, which continued to pressure energy stocks across global markets.
The Browse gas project remains one of the most significant undeveloped energy assets in Australia. Industry observers believe progress toward a final investment decision could have major implications for the country’s LNG sector and long-term energy exports.
The latest move highlights Woodside Energy’s commitment to expanding its portfolio of high-value gas assets while strengthening its leadership role in Australia’s energy industry. Investors will now closely monitor developments surrounding the Browse project, including regulatory approvals and future investment decisions that could unlock substantial long-term value.
