The deal still needs regulators and the other joint-venture holders. JOGMEC will sit in OGB with Osaka Gas Australia.

JOGMEC, same day: it adopted the buy and the study work as an equity case. Cap 50 percent of OGB project spend. Woodside is operator. Gas is meant to go ashore to the North West Shelf plant. About 11 million tonnes a year of LNG in that paper. OGB’s 5 percent is about 550,000 tonnes a year, most of it aimed at Japan. CCS is in the concept. Adopted 16 September. Completions still conditional.

JOGMEC’s post-completion table, if the related trades close: Woodside 41.27 percent. bp 34.33. MIMI Browse 14.4. GS Energy 5. Osaka Gas Browse 5.

That bp line is not the June bp paper. On 2 June bp said it was selling 5 percent to GS Energy and would keep 39.33 percent. Those two percentages stay unmerged until one completion notice prints both.

Woodside ASX, 12 June: it pre-empted PetroChina’s 10.67 percent sale to INPEX. US$225 million plus cash-call reimbursement, and US$175 million contingent if FID on all three fields comes by 30 June 2032. After that pre-empt Woodside would hold 41.27 percent if no other holder steps in. Resource line in that notice: 11.4 million tonnes a year of LNG, LPG and domestic gas. Any FID still sits under Woodside’s capital rules.

bp’s June note: Browse to NWS means the gas through Karratha Gas Plant. Moving toward FEED and environmental approvals. Not FEED yet. Not FID.

Osaka Gas also writes “Significant Project” in Western Australia. The gazette is not in this pack. A printed project cost in the tens of billions is not on the Osaka Gas, JOGMEC, Woodside or bp products here. It stays off the page.

What Browse is from here

The fields sit off the Kimberley. The concept is a long trunk to existing NWS kit at Karratha, not a new liquefaction island on the Browse titles. That is why Pre-FEED can talk 11 million tonnes without a new plant photograph. The plant in the frame is already there. The missing piece is FID.

Japan is buying a slice of undeveloped molecules, not a cargo this winter. 550,000 tonnes is a paper share. Hormuz and canal water are this year’s market. Browse is the decade after, if the joint venture takes the decision Woodside dated to 2032 for the contingent cheque.

Established

• Osaka Gas / JOGMEC 18 Sep: 5% from BPD; Pre-FEED; ~11 mtpa concept; ~0.55 mtpa to OGB.
• Woodside 12 Jun: CNPC 10.67% pre-empt; 41.27% if it completes; US$225m + US$175m contingent on FID by 30 Jun 2032.
• bp 2 Jun: 5% to GS Energy; retain 39.33% in that paper.

Not established

• FID.
• Consideration on the Osaka Gas–bp 5%.
• One bp percentage after all 2026 trades.
• WA gazette for Significant Project.
• A capex figure on the company paper.