Osaka Gas to buy 5% stake in Australia's Browse gas project from BP

By Reuters News

TOKYO, Sept 18 (Reuters) - Japan's Osaka Gas 9532.T said on Friday it had agreed to buy a 5% stake in the Browse gas project offshore Western Australia from BP BP.L, strengthening its liquefied natural gas supply portfolio.

The acquisition will be made through Osaka Gas Browse, a company to be jointly owned by Osaka Gas Australia and state-backed Japan Organization for Metals and Energy Security (JOGMEC), subject to regulatory and joint venture partner approvals, the Japanese utility said in a statement.

  • Osaka Gas did not disclose the value or terms of the deal.

  • The Browse project comprises the Brecknock, Calliance and Torosa gas fields in the Browse Basin and is currently in the pre-front-end engineering and design (Pre-FEED) stage.

  • Operated by Woodside Energy WDS.AX, Browse is Australia's largest undeveloped gas resource that is earmarked as backfill to the North West Shelf LNG facility in Western Australia.

  • The project is expected to produce about 11 million metric tons of LNG annually. Osaka Gas expects to secure about 550,000 tons per year of LNG through its stake, the utility said.

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