Woodside – PetroChina’s interest in Browse unincorporated joint venture

WA-55038

Woodside Browse Pty. Ltd. (**Woodside Browse**) is a subsidiary of Woodside Energy Group Ltd (**Woodside**). Woodside is a global independent energy company listed on the ASX and the New York Stock Exchange. Woodside’s portfolio includes explorations, developments, and oil and gas projects, which include the production of liquefied natural gas (**LNG**), natural gas for domestic supply (domestic gas), oil, condensate, natural gas liquids (**NGLs**) and ammonia. PetroChina International Investment (Australia) Pty Ltd is a subsidiary of PetroChina Company Limited (together, **PetroChina**). PetroChina is owned by the China National Petroleum Corporation (**CNPC**), which is owed by the Government of the People’s Republic of China. PetroChina engages in the exploration and development of oil and gas reserves, and the supply of oil and gas. Woodside (including Woodside Browse) and PetroChina are both involved in the exploration and development of natural gas reserves and both currently hold participating interests in the Browse unincorporated joint venture (**Browse JV**). Woodside Browse is looking to acquire PetroChina’s 10.67% participating interest in the Browse JV (the **Acquisition**). Woodside Browse already holds a 30.60% participating interest in the Browse JV and Woodside Energy Ltd is the current operator for the Browse JV. The Browse resource is an undeveloped conventional gas resource with potential production of LNG, condensate, NGLs and domestic gas, located off the west coast of Australia. The Browse JV is proposing to develop the Calliance, Brecknock and Torosa conventional natural gas fields located in the Browse Basin (**Browse Project**). The proposed concept includes two floating production storage and offloading facilities, and a pipeline connecting to existing infrastructure for the North West Shelf. Natural gas extracted from the Browse Basin will be processed at the Karratha Gas Plant in Western Australia into LNG for export and domestic gas.