bp will expand its holding in Australia’s largest untapped gas resources by buying the 27% stake of the Browse joint venture that is owned by Shell, Reuters reported.

bp’s stake purchasing came in line with a move that could improve the development prospects for the long-stalled project which came at the same time by which the asset is no longer a strategic fit in the context of Shell’s global portfolio.

If the deal goes ahead, bp will increase its stake in Browse to 44%, overtaking operator Woodside Energy Group’s 30.3% stake.

The estimated cost of the Browse project is $20.5 billion and is now being considered as a replacement for aging gas fields to supply the North West Shelf LNG (liquefied natural gas) plant.

“bp believes development of the Browse gas resources could make a significant contribution to energy security in Australia and to the Asia Pacific region,” a bp spokesperson said.

bp’s move comes after the major scaled back its climate targets in February with plans to produce more oil and gas for longer.

This transaction comes after the major scaled back its climate target, company said it supported the concept of using carbon capture for the project and processing Browse gas in the North West Shelf LNG plant.

No information is available for the deal price from any of the two companies.

Credit Suisse analyst Saul Kavonic said it was likely “very modest” given “the risks and ongoing spend required at the Browse project”.

According to an expert’s valuation last year put on Woodside’s stake in Browse, Shell’s 27% stake would have been valued at around $350 million – a fraction of the $2 billion that Mitsui and Mitsubishi paid for their 14.4% stake in 2012.