Osaka Gas Buys BP's Stake in Browse Gas Project Amid Global Tensions

Osaka Gas has acquired BP's stake in the Browse gas project off Western Australia's coast. The transaction, announced on September 18, 2026, comes amid global tensions affecting gas markets. BP is reducing its exposure to the project as part of a broader asset-divestment program.

The Browse project is described as the largest undeveloped conventional gas field in Australia, comprising several fields intended for liquefied natural gas, liquefied petroleum gas, and domestic use. Woodside Energy Group Ltd, the operator, is overseeing regulatory and technical steps, including environmental approvals. The project remains at a preparatory engineering-study stage ahead of the front-end engineering design phase.

Osaka Gas acquired the stake alongside Japan Organization for Metals and Energy Security (JOGMEC), a Japanese public agency. This follows a series of changes in the project's shareholding structure, including PetroChina International Investment (Australia) Pty Ltd's announced intention to sell its stake to Inpex Corporation, which Woodside exercised a contractual preemption right to buy back.

The acquisition marks another dilution of BP's stake in the Browse project, following GS Energy Corp's entry into the capital structure in June 2026. Commentators link growing interest from North Asian players in Australian liquefied natural gas supply to tensions affecting export flows from the Middle East, but this has not been confirmed by official statements.