Update on the Browse to North West Shelf Project

Media Release

Saturday, 16 May 2026 Woodside Energy Group Ltd

ACN 004 898 962

Mia Yellagonga 11 Mount Street

Perth WA 6000

Australia

https://www.woodside.com

Woodside acknowledges INPEX CORPORATION's announcement of 15 May 2026 that it has, through a subsidiary, entered into an agreement with PetroChina International Investment (Australia) Pty Ltd (CNPC) to acquire CNPC's 10.67% participating interest in the Browse Joint Venture.

The transaction is conditional on regulatory and joint venture approvals, including rights of pre-emption, which Woodside will consider as part of its usual transaction review processes.

The development concept for the proposed Browse to North West Shelf (NWS) Project involves processing resources from Browse - Australia's biggest undeveloped offshore gas resource - through the NWS Project's Karratha Gas Plant.

Key activities continue in the current concept definition phase in support of progress towards front-end engineering and design entry, including invitations to tender and engagement with regulators.

The Browse to NWS Project could make a significant contribution to the region's energy supply and economic prosperity at a time when energy security matters more than ever.

An independent economic impact assessment by Deloitte Access Economics estimates the project is not just an energy project, but a whole-of-economy investment, delivering benefits well beyond the oil and gas sector.1 It found the project could contribute a long-term uplift of more than A$141 billion in gross domestic product nationally and more than A$56 billion in taxes, including A$19.8 billion in petroleum resource rent tax.2

Dan Pagoda

M: +61 482 675 731

E: dan.pagoda@woodside.com

‌1 See 'Browse to North West Shelf Project, Economic Impact Assessment Summary' by Deloitte Access Economics (May 2026), available here.

‌2 See "New Report Finds Economic Boost from Browse" announced 11 May 2026 for details of the economic impact assessment by

Deloitte Access Economics, available here.

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