Thursday, April 11, 2013

Browse future in doubt: report | Business Spectator

Browse future in doubt: report | Business Spectator: Browse future in doubt: report

Speculation is mounting that Woodside Petroleum Ltd could shelve its $45 billion Browse liquefied natural gas project at James Price Point in Western Australia because it cannot be developed at a profit, according to The Australian Financial Review.

The newspaper reported that Woodside is understood to have advised the federal and WA governments that the Browse partners, which include Royal Dutch Shell and BP, have decided against proceeding with the controversial plan to build a LNG plant on the Kimberley coast, in WA's far north west.

Contractors are understood to have been told to stop preliminary site work and that no further progress payments will be made.

Woodside declined to comment. However, it is understood the company could release a statement Friday.

The speculation comes after WA premier Colin Barnett said Browse could be delayed by up to a decade if Woodside and its partners failed to reach a final investment decision by June.

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