Amid instability in the Middle East, Japanese companies are showing growing interest in Australian LNG, with Osaka Gas acquiring a 5% stake in the Browse LNG project off Western Australia. The investment is estimated at approximately $200 million, making it the second Japanese investment in the project.
Japanese companies are showing growing interest in the Browse LNG project as they seek to secure natural gas in anticipation of an end to the conflict in the Middle East. Osaka Gas acquired a 5% stake on the 18th, with the investment estimated at approximately $200 million. Three months earlier, South Korea's GS Energy acquired a stake of a similar size, making this the second investment by a Japanese company.
The seller is London-based BP, which held a 44% stake in the Browse gas field development consortium. Government approval has not yet been granted, with environmental approval the key issue.
Woodside Energy has proposed a plan to transport gas from the Browse project approximately 970 kilometers south via a subsea pipeline for processing at the North West Shelf LNG facility. Japanese companies are increasing their involvement as long-term investors, while INPEX was unable to acquire PetroChina's stake.