May 15, 2026 [Reuters]- Japan’s Inpex said on Friday it would buy PetroChina’s 10% stake in the Browse gas fields offshore from Western Australia, the country’s largest undeveloped gas resource.
The Japanese company did not disclose the price it paid for the Chinese giant’s 10.67% stake in the Brecknock, Calliance and Torosa gas fields.
It said completion of the sales and purchase transaction would be subject to regulatory approvals and joint venture partners’ agreement.
PetroChina bought its stake in the Browse project, operated by Woodside Energy, for $1.63 billion in December 2012 from BHP.
The fields are earmarked to supply gas to the North West Shelf liquefied natural gas facility, also run by Woodside. The long-delayed Browse project is expected to cost A$48.7 billion ($35 billion), including carbon capture.
“This could cause an existing Browse joint venture member to exercise their pre-emptive rights,” MST Marquee analyst Saul Kavonic said.
The partners are operator Woodside Energy, BP and Japan LNG, which is a joint venture between Mitsui and Mitsubishi.
BP holds the largest stake after buying Shell’s stake in 2023. BP is now run by Meg O’Neill, the former CEO of Woodside.
Kavonic said Inpex might want to send the gas to its Ichthys LNG facility in Darwin.
When asked whether Ichthys would source gas from Browse, an Inpex spokesperson said Browse remains at the feasibility stage and no decisions have been made, adding that further details should be sought from operator Woodside.
“The interest in the BJV is unsurprising,” a Woodside spokesperson said, referring to the Browse joint venture.
“Woodside continues to progress the Browse to North West Shelf Project, which can make a significant contribution to the region’s energy supply.”
BP declined to comment. PetroChina did not immediately respond to a request for comment. Neither Mitsui nor Mitsubishi replied immediately when emailed for their view.
Inpex also recently took a position in the onshore Beetaloo shale gas basin in the Northern Territory.
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