Investing.com-- Australia’s Woodside Energy (ASX:WDS) said on Friday it had exercised a pre-emptive right to buy PetroChina’s (HK:0857) 10.67% stake in the Browse gas fields off the coast of Western Australia, blocking a sale to Japan’s Inpex Corp. (TYO:1605).
Woodside shares fell more than 2% after the announcement, with a drop in oil prices also weighing.
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Woodside will pay $225 million to Petrochina for the stake, and will also reimburse cash call contributions made since mid-2025.
The deal includes a contingent payment to Inpex of up to $175 million if the Browse venture makes a final investment decision for the development of all the Brecknock, Calliance, and Torosa fields, Woodside said in a statement.
Browser is one of Australia’s largest undeveloped gas resources, with Woodside set to increase its stake in the venture to 41.27% after Friday’s deal.
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