BP sells 5% Browse stake to Osaka Gas

BP has agreed to sell a further 5% interest in the Browse Project in Western Australia to Osaka Gas Browse. The transaction reduces BP's working interest to 34.33% and remains subject to regulatory and joint-venture approvals.

The Browse to North West Shelf Project aims to produce gas from Australia's largest undeveloped offshore gas resource and process it through the existing Karratha Gas Plant. The sale allows BP to share future investment requirements and project risks with Osaka Gas while keeping exposure to the development as it works toward front-end engineering, design and environmental approvals.

The deal fits into BP's wider portfolio discipline and deleveraging strategy. The company is pursuing a $20-billion divestment program through 2027 and targets net debt between $14 billion and $18 billion by the end of 2027, with sale proceeds designed to complement operating cash flow. The financial terms and proceeds for the 5% stake were not disclosed.

The move comes alongside a supportive commodity backdrop. West Texas Intermediate crude oil is trading above $95 per barrel, according to Oilprice.com, bolstering activity across upstream offshore projects.