Norton Rose Fulbright advises Osaka Gas on agreement of acquisition of Browse Project interest

Global law firm Norton Rose Fulbright has advised Osaka Gas Australia Pty Ltd, a subsidiary of Osaka Gas Co., Ltd., one of Japan's largest energy utilities, on its acquisition of a five per cent interest in the Browse LNG Project.

The firm advised on all aspects of the transaction, including the acquisition documentation, transaction structuring and the regulatory and environmental matters associated with its investment in the project.

The transaction is a significant step in the development of the Browse Project, which comprises the Brecknock, Calliance and Torosa offshore gas fields off Western Australia. The project is expected to utilise existing Northwest Shelf infrastructure and provide a new source of LNG and domestic gas supply. It is also intended to incorporate carbon capture and storage (CCS) technology for the sequestration of reservoir CO₂, with aiming of producing lower-carbon intensity LNG.

Norton Rose Fulbright's team was led by partner Martin Irwin, who commented:

"We are proud to have supported Osaka Gas on this strategically important investment. The acquisition underscores the strength of the Australia-Japan energy partnership as well as being an important step in the development of the Browse Project which, when operational, will materially enhance energy security in the Asia Pacific region. The transaction is a further example of the continued support Norton Rose Fulbright is providing to Japanese energy companies investing in Australia and across the region."

Osaka Gas Australia managing director Motoyuki Hirabayashi commented:

"We appreciate the support provided by Norton Rose Fulbright throughout this transaction process. Their guidance and dedication helped us navigate a complex and important investment opportunity. We look forward to continuing to work together as the transaction progresses."

Martin was supported by partners Troy McKelvie, Claire Forster, Marc Waha and Jacqueline Plant; special counsel Jennifer Meek, Julieane Materu, Zoe Lonard and Sonia Chee; and associates Suwen Fang, Malinthi Mallawa and Charlotte Batten.

Norton Rose Fulbright has a strong track record supporting Japanese energy companies across Australia and Asia Pacific. Recent mandates include:

• Advising ENEOS on its US$2.2 billion acquisition of Chevron's downstream fuels and lubricants businesses across Asia Pacific.
• Advising Tokyo Gas on the approximately US$2.15 billion sale of its interests in four Australian LNG projects.