Woodside: Browse Stake Sale Completed, Australia

Woodside announced that the sale of a minority portion of the company’s equity in the proposed Browse LNG Development to Japan Australia LNG (MIMI Browse) Pty Ltd is now complete.

The sale involves MIMI taking a 16% interest in the East Browse joint venture and 8% interest in the West Browse joint venture for US$2 billion.

This will give MIMI an estimated 14.7% interest in the Browse development on an assumed unitised basis.

Woodside’s assumed unitised interest in Browse will be reduced from 46% to 31.3%. Woodside remains operator of the development.

The Browse LNG Development concept is to commercialise the Browse Joint Venture’s three gas and condensate fields, Brecknock, Calliance and Torosa, 425 km north of Broome 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 Point, 60 km north of Broome.

[mappress]
LNG World News Staff, September 18, 2012