Osaka Gas Takes Stake in Woodside's Browse LNG Project
Woodside's Browse LNG project has received a significant boost after Osaka Gas inked a deal to buy into the venture. The Japanese utility will purchase a 5% stake in the proposed $30 billion-plus LNG project off Western Australia from BP, which had previously sold similar stakes to GS Energy and South Korea.
The move comes as Japan, the world's largest importer of liquefied natural gas (LNG), looks to secure new supplies amid concerns about future exports from conflict-torn regions in the Middle East. The deal highlights Japan's growing appetite for Australian LNG, with Osaka Gas becoming the latest major player to invest in the sector.
Osaka Gas will buy its 5% stake from BP, just three months after the British multinational sold a similar shareholding to GS Energy. The Browse LNG project is expected to be one of the largest and most expensive infrastructure projects in Australia's history, with an estimated cost of over $30 billion.
The deal is seen as a vote of confidence in Woodside's ambitious plans for the Browse LNG project, which has been plagued by delays and cost blowouts. Osaka Gas's investment will help to shore up the project's finances and provide a much-needed injection of capital at a critical time.