Woodside Petroleum Limited
(ASX:WPL) has pulled out of its Browse Floating LNG project due to the falling oil price.
The oil and gas giant says while significant progress was made to improve project value, this was offset by an extremely challenging external environment.
It also says it will use the additional time to pursue further capital efficiencies for Browse and will satisfy its work commitments under the Browse retention leases.
The current term of the leases ends in mid-2020.
Woodside reported a net profit of $154.67 million at 31 December 2015.
