Woodside Petroleum has struck a $2bn deal to sell part of its stake in the Browse gas project to Japan’s Mitsubishi Corporation and Mitsui & Co (MIMI).
The sale involves MIMI taking 16% interest in the East Browse joint venture and 8% interest in the West Browse joint venture. This would give MIMI an estimated 14.7% interest in the Browse development on an assumed unitised basis.
Woodside would remain as operator of the development, but it is assumed its interest would reduce from 46% to 31.3%.
Woodside has also accepted an offer from MIMI for a long-term sales and purchase agreement for around 1.5m tns of LNG a year from the Browse development subject to completion of the equity offer.
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