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BP is set to sell a 5% stake in its Browse LNG project located in Western Australia, according to a report from Reuters. The agreement, announced on Monday, sees South Korean firm GS Energy acquiring the share.

The Browse LNG project is a significant development in the region, focused on extracting and processing liquefied natural gas. BP’s involvement demonstrates its ongoing activity in the Australian energy sector, though this divestment marks a strategic shift.

While the financial details of the transaction were not immediately disclosed in the Reuters report, the sale of the 5% stake represents a notable adjustment to BP’s holdings in the project. GS Energy’s acquisition signals their increased investment in Australian LNG resources.

The move comes as BP continues to evaluate its global portfolio and adapt to evolving energy market dynamics. The Browse LNG project is a key asset for the company, and the sale is expected to be completed following standard regulatory approvals. Further details regarding the transaction are anticipated to be released shortly.