Woodside to re-think Browse LNG options

Offshore staff

PERTH, Australia -- Woodside has decided not to pursue its proposed Browse LNG development near James Price Point, northwestern Australia.

The company said the technical and commercial evaluation of all upstream and downstream scopes did not meet its requirements for a positive final investment decision. Evaluation was conducted in accordance with the conditions of the Browse retention leases.

Woodside said it would work with the Browse Joint Venture partners to recommend evaluation of other concepts to commercialize the gas resources in the offshore Browse basin, thought to comprise 15.5 tcf of dry gas and 417 MMbbl of condensate.

Options could include floating technologies, a pipeline to existing LNG facilities in the Pilbara, or a smaller onshore complex at the proposed Browse LNG Precinct near James Price Point.

The company will propose a work program and budget for the remaining 20 months of the retention leases.

4/12/2013

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