Woodside Exercises Browse Pre-emption Right

Woodside Energy Group Ltd has exercised its pre-emption right to acquire PetroChina International Investment (Australia) Pty Ltd's 10.67% participating interest in the Browse Joint Venture (BJV). The acquisition terms mirror the PetroChina/INPEX transaction, involving a payment of US$225 million plus reimbursement of cash call contributions and a potential contingent payment of US$175 million based on a final investment decision for the Browse fields by June 30, 2032. This move increases Woodside's BJV equity interest to 41.27% and aligns with their strategy to progress the Browse to North West Shelf development, aiming to maximize long-term shareholder value and capitalize on the resource's potential for LNG and domestic gas supply. The company will continue evaluating development opportunities, including technical, commercial, and regulatory aspects, with any investment decision adhering to Woodside's capital allocation framework. The acquisition is subject to customary conditions precedent, including regulatory approvals.