The Foreign Investment Review Board has given the regulatory approval to Woodside Petroleum to sell to Japan's Mitsubishi Corporation and Mitsui & Co. one-third of its controlling stakes in the $30 billion Browse liquefied natural gas (LNG) project in Western Australia.

The Japanese companies, through their Perth-based joint venture company, Japan Australia LNG (MIMI), will purchase a 14.7 per cent number of stakes, valued $US2 billion ($A1.96 billion), in the Kimberley LNG project in Western Australia.

With the purchase, Woodside Petroleum's control in the project effectively falls from 46 per cent to 31.3 per cent, while other joint venture partners Chevron and BP at 17 per cent each, and BHP Billiton and Shell at 10 per cent each. WoodsidePetroleum remains the major equity owner and operator of the Browse LNG project.

"Woodside Petroleum is now working with the Browse joint venture partners to finalise the sale, making MIMI a party to the Browse joint ventures," the company said in a statement.

In April, Woodside Petroleum moved the final decision date to start the Browse LNG project development to the first half of 2013, claiming it still needed time to check on plans on the project's engineering and design work.

MIMI said it intends to purchase 1.5 million tonnes of LNG a year from the 12 million tonnes capacity Browse LNG project.