Woodside Energy Group (ASX:WDS) is exercised its pre-emption right on the sale of PetroChina International Investment (Australia)'s roughly 10.7% stake in the Browse joint venture to a subsidiary of Japanese oil firm Inpex, according to a Friday filing with the Australian bourse.

Browse is Australia's "largest undeveloped conventional gas resource" with potential production of 11.4 million tonnes per year of LNG, LPG, and domestic gas, the company said.

The terms of Woodside's acquisition will reflect those of the Inpex deal, which include a payment to PetroChina of $225 million and a contingent payment of $175 million upon the joint venture taking a final investment decision on certain projects.

Assuming no other joint venture participant pre-empts, Woodside's stake in the venture will increase to about 41.3% after the deal's completion, which remains subject to regulatory approvals.