Australia: Woodside to Remain Browse LNG Project Operator

In regards to media speculation that Woodside is seeking to divest equity in the Browse LNG Development, Woodside released a statement in which it says that the company has not made any decision to reduce its equity in the proposed development at this time.

In response to significant interest from a number of parties, Woodside is conducting a limited process to assess the potential sale of a minority portion of the company’s equity in the development. This process provides an opportunity to assess possible early value realisation. Woodside intends to retain operatorship of the development.

This approach is consistent with Woodside CEO Peter Coleman’s comments from the 2011 Half-Year  results presentation.
 “Our tier-one LNG growth options include Pluto expansion, Browse and Sunrise. We have large equity  stakes in these projects and this means we have additional options. Through a disciplined approach and  robust processes we will deliver value from the LNG growth options over both the medium to longer  term.”

Woodside is the operator of the Browse LNG Development, which seeks to commercialise gas and condensate resources in three offshore fields in the Browse Basin, 290 km off the northern Western Australian coast.

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Offshore Energy Today Staff, January 27, 2012