Australia's largest oil and gas company has moved to increase its stake in the country's biggest undeveloped offshore gas resource.
Woodside Energy will pay at least $US225 million ($320 million) to increase its stake in the Browse joint venture, a $48.7 billion project 425km off the coast of Western Australia that's been under environmental review for the past seven years.
Woodside is exercising its rights to pre-empt the sale by one of its joint venture partners of its 10.67 per cent stake in the project to a third party.
PetroChina International, the listed arm of state-owned China National Petroleum Corporation, had proposed selling its stake to Inpex Corp, Japan's largest oil and gas exploration and production company.
Woodside exercising its pre-emptive rights means it will acquire the stake instead, on the same terms.
