BP Stock Climbs Premarket: Oil Major Reportedly Sells 5% Stake In Australian Browse LNG Project

• While the report did not mention the transaction value, it said the sale reduced BP's stake in the Browse project to 39.33%.
• Browse, which is led by Woodside Energy Group, is intended to supply gas to the North West Shelf, one of Australia's largest LNG export hubs.
• The sale comes amid BP’s ongoing divestment program targeting $20 billion in divestments by the end of 2027.

American-listed shares of British oil major BP plc (BP) edged 1.3% higher in Monday’s premarket trading session after the company reportedly sold its stake in the Australian Browse liquefied natural gas (LNG) project to South Korean company GS Energy. The company’s shares have also benefited from rising oil prices amid the ongoing war between the U.S. and Iran.

According to a report from Reuters, BP on Monday said it agreed to sell 5% of its stake ​in the ‌Western Australian project to GS Energy.

The sale comes amid BP’s ongoing divestment program targeting $20 billion in divestments by the end of 2027.

Deal Contours

Browse is intended to supply gas to the North West Shelf, one of Australia's largest LNG export hubs, though the project has faced delays due to regulatory approval processes, according to the Reuters report.

While the report did not mention the transaction value, it said the sale reduced the oil major's stake in the project to 39.33%, which is estimated to cost A$48.7 billion ($34.96 billion) and aims to unlock Australia's largest undeveloped gas resource.

"The dilution reflects BP's ⁠disciplined approach to portfolio management by bringing in ​a committed partner that complements the substantial work already undertaken ​to advance the Browse to North West Shelf Project," the company reportedly told Reuters in an emailed statement, adding that "BP and its partners continue to see ​long-term value in the project, including its role in ​supporting energy security in Australia and the region."

The Browse project is led by Woodside Energy Group Ltd., an Australian petroleum exploration and production company. BP is now run by Meg O'Neill, the former CEO of Woodside.

BP’s Divestment Initiative

In early 2025, BP said it would pivot to focus on its core oil and gas business while reducing spending on renewables. The oil giant said it would increase oil and gas investments to $10 billion per year and target $20 billion in divestments to strengthen its balance sheet, particularly to reduce net debt to between $14 billion and $18 billion by 2027.

As part of its plan, the company has sold many of its non-core assets. In December last year, BP agreed to sell a 65% controlling stake in its Castrol lubricants division to U.S. investment firm Stonepeak for approximately $6 billion, and the deal is expected to close by the end of 2026.

Earlier this year, the company announced the sale of its Gelsenkirchen refinery in Germany to the Klesch Group, increasing its 2027 structural cost-reduction target by about $1 billion to $6.5–$7.5 billion.

BP: Retail Stance

On Stocktwits, retail sentiment around BP stock was in the ‘bullish’ territory, with ‘high’ message volume at the time of writing.

Shares of the company have surged more than 45% in the last 12 months.

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