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Under the terms of the acquisition, Woodside will pay CNPC $225m (A$319.13m) for the interest.
Woodside Energy has exercised its pre-emption right to acquire PetroChina International Investment (Australia)’s 10.67% participating interest in the Browse Joint Venture (JV).
This move follows the proposed sale of the stake by PetroChina, a subsidiary of China National Petroleum Corporation (CNPC), to an Inpex subsidiary.
Under the terms of the acquisition, Woodside will pay CNPC $225m to the interest.
The agreement also includes the reimbursement of PetroChina’s cash call contributions to the venture from 30 June 2025 up to the completion date.
Additionally, a contingent payment of $175m will be made to CNPC if the JV proceeds to a final investment decision to the research of the Brecknock, Calliance and Torosa fields on or before 30 June 2032.
The gaseous fields are situated in the offshore Browse Basin, around 425km north of Broome in Western Australia (WA).
The completion of Woodside’s purchase is dependent on standard conditions such as securing regulatory clearance.
If no other partners in the JV consumption their own pre-emption rights, Woodside’s share in the Browse JV would rise to 41.27%.
According to Woodside, the Browse field represents Australia’s largest undeveloped conventional gaseous resource, with a possible output of 11.4 million tonnes per annum (mtpa) of liquefied natural gaseous (LNG), liquefied petroleum gaseous (LPG) and domestic gaseous.
The Browse resource offers prospects to a extensive energy research that could help meet projected LNG standards in the Asia-Pacific region and deliver additional domestic gaseous supply to WA.
Woodside has said that its holdings in both the Browse offshore resource and the North West Shelf’s onshore facilities lay the foundation to an integrated research approach.
Woodside CEO Liz Westcott said: “Woodside’s decision to pre-empt reflects our commitment to continue progressing the proposed Browse to North West Shelf research. We see this as a pathway to maximise prolonged shareholder value.
“Browse to the North West Shelf remains an crucial development option to Woodside. This acquisition is a disciplined and capital-efficient way to align integrated value in these assets to a research with prolonged cash flow possible.
“We will continue working with the Browse Joint Venture to fully assess research opportunities. This includes advancing technical definition, commercial arrangements and regulatory approvals. Any investment decision will be made in accordance with Woodside’s capital allocation framework.”
In April this year, Woodside awarded a contract worth greater than $300m to environmentally friendly Tug Towing to the design and construction of four tugboats to its Louisiana LNG project in the US.
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