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, AustraliaWoodside 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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