PERTH, Australia –The Western Australia Offshore Petroleum Joint Authority has amended Woodside Petroleum’s Browse basin retention leases to allow selection of an alternate development concept and to begin the design and engineering for that development.
The conditions apply to WA-28-R, WA-29-R, WA-30-R, WA-31-R, and WA-32-R until the end of 2014.
TheJoint Authority also has applied for the same amendments to State Browse Basin retention leases TR/5 and R2, and awaits a decision from the Minister for Mines and Petroleum.
“The cost escalation on Browse has been consistent with other projects in Australia,” said Peter Coleman, CEO and managing director. “Unfortunately the cost escalation has been such that the total costs for Browse have resulted in the current development concept not being commercial.”