Japan's Inpex to Acquire PetroChina's Stake in Australian Browse Gas Field

Japanese energy giant Inpex has announced an agreement to purchase PetroChina's stake in the Browse gas fields located offshore Western Australia. The transaction involves acquiring a 10.67 per cent interest in the Brecknock, Calliance, and Torosa gas fields, which constitute Australia's largest undeveloped gas resource. While the specific financial terms of the deal were not disclosed, the acquisition marks a significant consolidation of ownership in the project. The completion of the sale is contingent upon receiving necessary regulatory approvals and consent from joint venture partners. The Browse project, operated by Woodside Energy, is earmarked to supply gas to the North West Shelf liquefied natural gas facility. Originally purchased by PetroChina from BHP for $1.63 billion in 2012, the stake is now transferring to Inpex as part of strategic adjustments in the region. The broader Browse project faces an estimated cost of A$48.7 billion, including provisions for carbon capture technology. This move aligns with Inpex's recent expansion efforts, including its position in the Beetaloo shale gas basin, reinforcing Japan's commitment to securing long-term energy supplies from Australia amidst global market shifts.