$225 million will buy PetroChina’s 10.67% participating interest in the Browse LNG venture after Woodside exercised preemptive rights, overriding a planned sale to Inpex.
Woodside said the move removes the risk that Inpex could join the project and push to send Browse gas to its own LNG plant rather than Woodside’s preferred route.
The deal also includes reimbursements for PetroChina’s joint-venture costs from June 30 last year until completion, plus another $175 million if a final investment decision on three fields is taken before June 2032.
The purchase tightens Woodside’s control over a major Western Australia LNG project as partners position for eventual development decisions.