Browse partners put FLNG project on hold

Woodside Energy and its partners in the Browse joint venture offshore northern Australia have decided not to proceed with a floating LNG project for the time being.

Mar 23rd, 2016

Offshore staff

PERTH, Australia – Woodside Energy and its partners in the Browse joint venture offshore northern Australia have decided not to proceed with a floating LNG project for the time being.

The decision follows completion offront-end engineering and design work.

Woodside CEO Peter Coleman said his company remained committed to “the earliest commercial development of the world-class Browse resources and to FLNG as the preferred solution, but the economic environment is not supportive of a major LNG investment at this time.

“Accordingly, we will use the additional time to pursue further capital efficiencies for Browse.”

The partners will prepare a new work program and set a budget for progressing future development activities.

TheBrowse retention leases, renewed last year, currently run through mid-2020.

03/23/2016

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