Browse JV partners sign gas supply terms

Woodside has received renewal offers for seven petroleum retention leases in the Browse basin offshore Western Australia.

Offshore staff

PERTH, AustraliaWoodside has received renewal offers for seven petroleum retention leases in the Browse basin offshore Western Australia.

The Commonwealth-Western Australia Offshore Petroleum Joint Authority and the WA Minister for Mines and Petroleum issued the authorizations for WA-28-R, WA-29- R, WA-30-R, WA-31-R, WA-32-R, TR/5, and R2.

Woodside has 30 days to accept the retention lease renewal offers.

Earlier this week, the company and its partners in the Browse Joint Venture executed theBrowse FLNG development domestic gas and supply chain key principles agreement (KPA) with the State of Western Australia.

The KPA sets out their commitment to negotiate a development agreement with the state that will reflect agreed principles for the application of the state’s Domestic Gas Reservation Policy, and the establishment of a Western Australian-based supply chain to support the proposed development.

Additionally, they will reserve for domestic use within Western Australia gas equivalent to 15% of LNG production from the state’s estimated 65% share of the Torosa field.

06/24/2015

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