Woodside boosts Browse JV stake via pre-emption
Rhea-AI Filing Summary
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, matching the terms of PetroChina’s agreed sale to a subsidiary of INPEX CORPORATION.
The Browse resource is described as Australia’s largest undeveloped conventional gas resource, with potential production of 11.4 million tonnes per annum of LNG, LPG and domestic gas. After completion, and assuming no other joint venture participant also pre-empts, Woodside’s equity interest in the Browse Joint Venture will rise to 41.27%. Woodside positions this as a disciplined, capital-efficient way to support its proposed Browse to North West Shelf integrated development concept, which it expects could deliver long-term cash flow potential and wider economic benefits. The acquisition is subject to customary conditions precedent, including regulatory approvals.
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Insights
Woodside increases its stake in a major undeveloped gas project, reinforcing long-term growth options.
Woodside is exercising a pre-emption right to acquire a 10.67% stake in the Browse Joint Venture, taking its interest to 41.27% if no other party pre-empts. Browse is described as Australia’s largest undeveloped conventional gas resource, with potential output of 11.4 million tonnes per annum of LNG, LPG and domestic gas.
The company frames this as part of an integrated “Browse to North West Shelf” concept, which it expects could generate strong shareholder returns and long-term cash flows, subject to technical, commercial and regulatory work. The transaction follows other interest in Browse, including the CNPC/INPEX Transaction and bp’s announced transaction with GS Energy, which Woodside cites as reinforcing the resource’s scale and quality.
The acquisition remains subject to customary conditions precedent, including regulatory approvals, and any final investment decision will be made under Woodside’s capital allocation framework. Future disclosures on regulatory outcomes and development decisions will be important for understanding how and when this option translates into production and cash flow.
Key Figures
Key Terms
pre-emption right financial
Browse Joint Venture financial
conditions precedent regulatory
capital allocation framework financial
integrated development concept financial
FAQ
What transaction did Woodside Energy Group (WDS) announce regarding the Browse Joint Venture?
How will Woodside’s interest in the Browse Joint Venture change after this acquisition?
How large is the Browse gas resource mentioned by Woodside Energy (WDS)?
What conditions still need to be satisfied before Woodside’s Browse acquisition is completed?
How does Woodside describe current industry interest in the Browse resource?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2026
Commission File Number: 001-41404
Woodside Energy Group Ltd
(ABN 55 004 898 962)
(Registrant’s name)
Woodside Energy Group Ltd
Mia Yellagonga, 11 Mount Street
Perth, Western Australia 6000
Australia
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☑ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | A copy of the registrant’s ASX Announcement, dated June 12, 2026, entitled “Woodside exercises Browse pre-emption right”. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: June 12, 2026
| WOODSIDE ENERGY GROUP LTD | ||
| By: | /s/ Damien Gare | |
| Damien Gare Corporate Secretary | ||
Exhibit 99.1
|
Announcement
12 June 2026 |
Woodside Energy Group Ltd ACN 004 898 962 Mia Yellagonga 11 Mount Street Perth WA 6000 Australia T +61 8 9348 4000 www.woodside.com
ASX: WDS NYSE: WDS |
WOODSIDE EXERCISES BROWSE PRE-EMPTION RIGHT
Woodside has given notice exercising its right to pre-empt the sale of PetroChina International Investment (Australia) Pty Ltd’s (CNPC) 10.67% participating interest in the Browse Joint Venture (BJV) to a subsidiary of INPEX CORPORATION (CNPC/INPEX Transaction).
The terms of Woodside’s acquisition will reflect those of the CNPC/INPEX Transaction, including:
| • | Payment to CNPC of US$225 million plus reimbursement of CNPC’s BJV cash call contributions made between 30 June 2025 and the completion date; and |
| • | Contingent payment to CNPC of US$175 million upon the BJV taking a final investment decision for the development of all of the Brecknock, Calliance and Torosa fields on or prior to 30 June 2032. |
The Browse resource is Australia’s largest undeveloped conventional gas resource with potential production of 11.4 million tonnes per annum of LNG, LPG and domestic gas. Its location off the west coast of Australia creates the opportunity for a major development to supply energy to contribute towards expected LNG demand in the Asia Pacific region and provide a significant new source of domestic gas for Western Australia.
Woodside’s combined interest in the upstream Browse resource and the North West Shelf onshore infrastructure provides the basis for an integrated development concept that Woodside expects could deliver strong returns to shareholders across the value chain and deliver long-term economic benefits for Western Australia and the nation.
Woodside CEO Liz Westcott said the current levels of interest in Browse, reflected in both the CNPC/INPEX Transaction and bp’s announced transaction with GS Energy, reinforces the quality and scale of the resource.
“Woodside’s decision to pre-empt reflects our commitment to continue progressing the proposed Browse to North West Shelf development. We see this as a pathway to maximise long-term shareholder value.
“Browse to the North West Shelf remains an important growth option for Woodside. This acquisition is a disciplined and capital efficient way to align integrated value in these assets for a development with long-term cash flow potential.
“We will continue working with the Browse Joint Venture to fully evaluate development opportunities. This includes advancing technical definition, commercial arrangements and regulatory approvals. Any investment decision will be made in accordance with Woodside’s capital allocation framework.”
Woodside’s acquisition remains subject to customary conditions precedent, including regulatory approvals.
Woodside’s equity interest in the BJV after completion of the acquisition will increase to 41.27%, assuming no other joint venture participant pre-empts.
| INVESTORS | MEDIA | |||
| Vanessa Martin | Christine Abbott | |||
| M: +61 477 397 961 | M: +61 484 112 469 | |||
| E: investor@woodside.com | E: christine.abbott@woodside.com | |||
This announcement was approved and authorised for release by Woodside’s Disclosure Committee.
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