What is Woodside Energy's motivation for exercising its pre-emptive right to acquire PetroChina's 10.67% stake in the Browse JV?

Woodside Energy exercised its pre-emptive right to block PetroChina's agreed sale of its 10.67% stake in the Browse joint venture to INPEX, thereby retaining control and strategic influence over Australia's largest undeveloped conventional gas resource; the move consolidates Woodside’s position as operator and increases its interest to 41.27%, pending no other participant exercising pre-emption rights and subject to regulatory approvals and customary conditions.

What are the financial terms of Woodside's acquisition of PetroChina's Browse stake?

Woodside will pay PetroChina $225 million plus reimbursement of cash call contributions made since June 30, 2025, and a contingent payment of $175 million if the Browse joint venture reaches a final investment decision on developing the Brecknock, Calliance and Torosa gas fields by June 30, 2032.

Woodside exercises pre-emptive right to buy 10.67% stake in Browse JV from PetroChina

Jun 11, 2026

Woodside Energy acquired PetroChina's 10.67% stake in the Browse gas fields for $225 million plus contingent payments, raising its interest to 41.27%. The transaction blocks a competing deal with INPEX and secures rights to Australia's largest undeveloped conventional gas resource.

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