Meg O'Neill-led BP will sell down five per cent of its majority stake in the Woodside-operated $48 billion Browse joint venture, in the project's latest ownership shuffle.
Gas is flowing at Woodside Petroleum's Greater Western Flank-2 project, an extension of the North West Shelf Venture, with the company saying costs came in 30 per cent under budget.
Costs would need to come down a further 25 per cent to breakeven at around $US40 per barrel of oil for the Browse LNG project to proceed, according to Woodside Petroleum managing director Peter Coleman.
