BP Sells 5% Stake in Australia's Newest $35 Billion LNG Project

BP will sell 5% in the $35-billion Browse LNG project in Australia, which Australian energy giant Woodside is looking to progress, the UK-based supermajor told Reuters on Monday. BP is selling the 5% stake, out of its total of its 44% interest, to South Korea's GS Energy.

“The dilution reflects BP’s disciplined approach to portfolio management by bringing in a committed partner,” BP said in a statement emailed to Reuters.