Updated Jun 2, 2026 – 12.57am, first published at 12.52am25 mins ago – 12.56AMBP sells 5pc of its stake in Australia’s Browse LNG projectBloombergBP has agreed to dilute its stake in the $48.7 billion Browse natural gas project by selling 5 per cent to South Korea’s GS Energy.BP will retain a 39.33 per cent working interest in Browse, according to an emailed statement from the company.The deal comes just weeks after Japan’s Inpex agreed to buy a 10.67 per cent stake in the project from PetroChina Co. Browse is one of the biggest projects in Australian history, but has faced criticism for its plan to drill near the ecologically sensitive Scott Reef in the Indian Ocean and hasn’t yet received environmental approval.Browse would involve drilling directly under Scott Reef, one of the most biodiverse and untouched coral systems on the planet. Bianca Hall“BP and its partners continue to see long-term value in the project, including its role in supporting energy security in Australia and the region,” the company said in its statement. The transaction is conditional upon regulatory and joint venture approvals, it said.The move comes as Asian liquefied natural gas importers are diversifying supplies away from the Middle East, as the closure of the Strait of Hormuz chokes off about a fifth of global exports.