Japan’s Osaka Gas, through its wholly owned unit Osaka Gas Browse (OGB), has entered into a sales and purchase agreement with BP Developments Australia to acquire a 5 per cent interest in the Browse Project, a major offshore gas development in Western Australia.
The agreement marks a significant step for the Japanese energy company as it seeks to secure long-term LNG supply while deepening its ties with two of the world’s largest energy operators, bp and Woodside Energy.
Under the terms of the deal, OGB will be jointly funded by Osaka Gas Australia, a wholly owned subsidiary of Osaka Gas, and the Japan Organization for Metals and Energy Security (JOGMEC).
Osaka Gas confirmed that discussions are currently under way with JOGMEC regarding the application of a new scheme the organisation announced on 1 April 2026.
That scheme is designed to help secure stable, long-term supplies of liquefied natural gas and other critical resources for Japan.
The Browse Project centres on the planned development of the Brecknock, Calliance and Torosa gas fields, located offshore Western Australia.
The project is operated by Woodside Energy on behalf of the Browse joint venture, and it is currently progressing towards the front-end engineering and design phase, a key stage that typically precedes a final investment decision.
Carbon capture and storage technology has been incorporated into the project’s design, reflecting an intention to reduce the carbon intensity of the LNG that will ultimately be produced.
At full production, the Browse Project is expected to deliver approximately 11 million tonnes per annum of LNG, drawing on the existing infrastructure of the North West Shelf Project in the Pilbara region.
Commenting on the transaction, Osaka Gas president and CEO Masataka Fujiwara said: “Osaka Gas values its long-standing relationship with bp, and this transaction marks an important step toward further strengthening our strategic partnership.
“We look forward to working closely with bp, Woodside and other Browse JV participants to advance the project.”
The transaction remains subject to a number of conditions, including regulatory approvals and sign-off from joint venture partners, alongside other standard closing conditions typically associated with deals of this scale.
Should the acquisition be completed, OGB would be entitled to roughly 550,000 tonnes of LNG per year from the project, along with associated volumes of liquefied petroleum gas and domestic gas.
The Browse Project has also received ‘Significant Project’ status from the Western Australian government, a designation that acknowledges the development’s anticipated contribution to both state and national economies, as well as its role in bolstering regional energy security.
The move by Osaka Gas comes as Japanese energy companies continue to pursue equity stakes in overseas LNG projects, a strategy aimed at locking in reliable supply amid ongoing volatility in global energy markets.
Japan remains heavily reliant on imported LNG to meet its domestic energy needs, and partnerships of this kind are seen as central to the country’s long-term energy security strategy.
For bp and Woodside, the agreement represents continued international interest in the Browse Project as it moves closer to a final investment decision.
With carbon capture and storage integrated into its design, the project is being positioned as a lower-carbon addition to Australia’s LNG export portfolio, one that could play a role in meeting both domestic and international demand well into the coming decades.
