BP Sells Stake in Australian LNG Project Amid Divestment Push

BP has sold 5% of its stake in the Australian Browse liquefied natural gas (LNG) project to GS Energy, a South Korean company. The sale reduces BP's stake in the project to 39.33%. The transaction value is not disclosed.

The Browse project aims to supply gas to the North West Shelf, one of Australia's largest LNG export hubs. The project has faced delays due to regulatory approval processes.

BP's sale of its stake in the project comes as part of its ongoing divestment program targeting $20 billion in divestments by the end of 2027. The company has been focusing on reducing its net debt, which is expected to be between $14 billion and $18 billion by 2027.

The sale is seen as a disciplined approach to portfolio management, with BP bringing in a committed partner to advance the project.