Woodside May Veto Inpex's Stake Purchase in $30B Browse Project
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 18 2026
0mins
Source: seekingalpha
- Acquisition Review: Woodside Energy has indicated it may veto Inpex's purchase of a stake in the $30 billion Browse natural gas project during its usual transaction review process, highlighting its emphasis on maintaining control over the project.
- Transaction Context: Inpex has struck a deal to acquire PetroChina's 10.67% stake in the undeveloped Brecknock, Calliance, and Torosa gas fields within Browse, but this agreement is contingent upon approval from project partners, including Woodside.
- Strategic Development Considerations: Woodside views the Browse project as a Western Australia-driven initiative that can backfill its North West Shelf gas plant, while Inpex's involvement could potentially push for a development linking Browse to its Ichthys LNG export project in Darwin.
- Importance of Energy Security: Woodside emphasizes that the development of the Browse to North West Shelf project could significantly contribute to the region's energy supply and economic prosperity, particularly at a time when energy security is increasingly critical.
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Analyst Views on WDS
About WDS
Woodside Energy Group Ltd is a global energy company. Its segments include Australia, International, Marketing and Corporate. The Australia segment is engaged in the exploration, evaluation, development, production and sale of liquefied natural gas, pipeline gas, crude oil and condensate and natural gas liquids. International segment is engaged in the exploration, evaluation, development, production and sale of LPG, pipeline gas, crude oil and condensate and natural gas liquids in international jurisdictions outside of Australia. Marketing segment is engaged in the marketing, shipping and trading of its oil and gas portfolio. Its projects include Pluto LNG, North West Shelf Project, Woodside Solar, Scarborough Energy Project, Beaumont New Ammonia Project, Sangomar, and others. It holds an interest in Woodside Louisiana LNG, which is an under-construction LNG production and export terminal in Lake Charles, Louisiana. The Sangomar oil and gas is located 100 kilometers south of Dakar.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Transaction Context: Inpex has struck a deal to acquire PetroChina's 10.67% stake in the undeveloped Brecknock, Calliance, and Torosa gas fields within Browse, but this agreement is contingent upon approval from project partners, including Woodside.
- Strategic Development Considerations: Woodside views the Browse project as a Western Australia-driven initiative that can backfill its North West Shelf gas plant, while Inpex's involvement could potentially push for a development linking Browse to its Ichthys LNG export project in Darwin.
- Importance of Energy Security: Woodside emphasizes that the development of the Browse to North West Shelf project could significantly contribute to the region's energy supply and economic prosperity, particularly at a time when energy security is increasingly critical.
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- Investment Plans: ExxonMobil plans to invest $42 million for seismic surveys and potentially drill two exploration wells six months post-survey completion, which could provide Occidental with a long-term growth catalyst if successful.
- Strategic Implications: This acquisition allows Occidental to replenish resources to counter production declines while further diversifying its investment portfolio globally, thereby enhancing its competitive position in the oil and gas sector.
See More
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- Management Turmoil: Manifold's tenure lasted only eight months, marked by aggressive interactions with colleagues, reflecting internal challenges BP faces as it pivots back to traditional oil and gas amid a broader transformation.
- Shareholder Rebellion: Prior to his dismissal, 81.8% of shareholders supported Manifold's re-election at BP's annual general meeting, indicating significant investor dissatisfaction and concerns over the company's governance and future direction.
- Interim Leadership: BP appointed Ian Tyler as interim chair and initiated a succession process for a permanent chair, demonstrating the company's urgent need to stabilize its governance structure in light of the ongoing strategic transition and shareholder trust issues.
See More
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- Acquisition Review: Woodside Energy has indicated it may veto Inpex's purchase of a stake in the $30 billion Browse natural gas project during its usual transaction review process, highlighting its emphasis on maintaining control over the project.
- Transaction Context: Inpex has struck a deal to acquire PetroChina's 10.67% stake in the undeveloped Brecknock, Calliance, and Torosa gas fields within Browse, but this agreement is contingent upon approval from project partners, including Woodside.
- Strategic Development Considerations: Woodside views the Browse project as a Western Australia-driven initiative that can backfill its North West Shelf gas plant, while Inpex's involvement could potentially push for a development linking Browse to its Ichthys LNG export project in Darwin.
- Importance of Energy Security: Woodside emphasizes that the development of the Browse to North West Shelf project could significantly contribute to the region's energy supply and economic prosperity, particularly at a time when energy security is increasingly critical.
See More
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- Sales Agreement Progress: Woodside Energy has signed a long-term sales agreement with Germany's Uniper for up to 2 million metric tons of LNG per year, representing about 25% of the total production from its Louisiana LNG facility, with deliveries expected to start in 2030, indicating a certain demand foundation in the market.
- Pricing Strategy Issues: Woodside's sought liquefaction fee exceeds $2.80 per MMBtu, while the broader U.S. market rates are between $2.40 and $2.50, which may lead to potential customer loss and negatively impact the company's sales capabilities and market competitiveness.
- Market Competition Analysis: Compared to competitors, Cheniere Energy charges approximately $2.60 per MMBtu, while Venture Global's fees are as low as $2.30, suggesting that Woodside's pricing strategy may place it at a disadvantage in a highly competitive market.
- Customer Interest Maintained: Despite pricing challenges, CEO Liz Westcott stated that customer interest remains strong, and the company is satisfied with the progress of the Louisiana LNG project, indicating that potential opportunities still exist in the market.
See More
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- Revenue Decline: Woodside Energy's operating revenue fell 2% year-over-year to $3.261 billion from $3.315 billion, reflecting challenges in the market environment and pressure on the company's revenue growth.
- Production Volume Decrease: The company's production volumes declined by 8% from 49.1 million barrels of oil equivalent (MMboe) to 45.2 MMboe, indicating difficulties in resource extraction that could impact future supply capabilities.
- Sales Volume Increase: Despite the drop in production, sales volumes rose by 3% from 50.3 MMboe to 51.7 MMboe, suggesting that the company still possesses some resilience in market demand.
- Uncertain Market Outlook: The mixed performance may lead investors to question Woodside Energy's future growth potential, particularly against the backdrop of volatility in the global energy market.
See More
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- Revenue Performance: Woodside Energy Group reported Q1 revenue of $3.26 billion, reflecting a 1.8% year-over-year decline, yet exceeding market expectations by $200 million, demonstrating the company's resilience in a challenging market environment.
- LNG Supply Constraints: The resumption of production at the North West Shelf follows cyclone disruptions, while Chevron's Wheatstone repairs are expected to take weeks, further tightening global LNG supply and potentially impacting future price trends.
- Sustainability Strategy: During the analyst call, Woodside emphasized its sustainability strategy, indicating a commitment to governance and environmental responsibility amid the energy transition, which may enhance investor confidence.
- Market Impact: Despite challenges, Woodside's revenue growth and production recovery could provide support for its stock price, while the tightening global LNG supply backdrop may further solidify the company's market position.
See More
