BP agrees to buy Shell’s stake in Australian Browse gas project
By Samuel Mckeith: REUTERS April 29, 20237:26 AM GMT+1
SYDNEY, April 29 (Reuters) – BP (BP.L) has agreed to buy rival giant Shell’s (SHEL.L) 27% stake in the Browse joint venture, expanding its holding in Australia’s largest untapped gas resource in a move that could improve the development prospects for the long-stalled project.
The Browse project, estimated to cost $20.5 billion, has been stuck on the drawing board for years but is now being considered as a replacement for ageing gas fields to supply the North West Shelf LNG (liquefied natural gas) plant.