AsianOil: Shell sells stake in Australia’s Browse project to BP

Shell Australia announced on 29 April that it had signed an agreement with BP regarding the sale of Shell’s 27% interest in the Browse project off the north-west coast of Australia. Shell said in a statement that while the Browse project is a significant Australian asset that will play an important role during the energy transition, it said that Browse is no longer a strategic fit in the context of Shell’s global portfolio.

The Browse project has yet to be developed and is currently in the concept definition phase. The sale of Shell’s interest is subject to regulatory approvals.

BP said the company believes the gas resources in Browse will make a significant contribution to energy security in Australia and the Asia-Pacific region. The project is opposed by environmental action groups in Australia due to the huge volumes of carbon dioxide the project would emit over the course of 30 years of development and exporting.

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