BP on June 1 said it agreed to sell 5% of its stake in the Browse liquefied natural gas project in Western Australia to South Korea's GS Energy.
The sale leaves BP with a 39.33% stake in the Woodside-led project, which is expected to cost A$48.7 billion ($34.96 billion) and seeks to develop Australia's largest untapped gas resource.
Browse is earmarked to supply gas to the North West Shelf, one of Australia's biggest LNG export facilities, but its progress has been delayed by regulatory and commercial hurdles.
The transaction was conditional upon regulatory and joint venture approvals, BP added.
