Australia: Woodside Postpones Browse LNG FID
Woodside, an Australian petroleum exploration and production company, has postponed a Final Investment Decision for its Browse LNG Project for 2013.
The company says that that the Commonwealth Minister for Resources and Energy and the WA Minister for Mines and Petroleum have approved amendments to the Browse Basin retention leases.
The amendments include extending the condition relating to readiness for a final investment decision on the proposed Browse LNG Development from mid-2012 to the first half of 2013. The variation will allow time to better evaluate the outcomes of front-end engineering and design work and the results of the tender processes for the development’s major contracts. The revised timetable will also allow more time to complete necessary assurance activities.
Woodside is the major equity holder and operator of the proposed Browse LNG Development, which is an important part of Woodside’s LNG production growth plans. Browse also represents substantial opportunities for economic and social development in the Kimberley region of Western Australia.
The Browse LNG Development concept is to commercialise the Browse Joint Venture’s three gas and condensate fields, Brecknock, Calliance and Torosa, 400 km off the Kimberley coast. Gas and liquids from these fields will be brought to an onshore LNG plant at the Western Australian Government’s Browse LNG Precinct, near James Price Point60 km north of Broome.
Offshore Energy Today Staff, April 10, 2012; Image: Woodside