Oil and gas company Woodside Petroleum Ltd
(ASX:WPL) has reportedly defended its exit of the Greater Sunrise gas fields development in East Timor after claims it did not provide good enough justification to the nation.
A report in The Australian says East Timor is angry at the company’s decision not to go ahead with the development of the fields, saying it did not give clear enough justification as to its opposition to the concept of an East Timor LNG plant.
Woodside also decided not to go ahead with a proposed LNG plant in Darwin and instead moved to develop a floating LNG plant.
According to The Australian’s report, the oil and gas producer has tried to provide East Timor’s Petroleum Authority with evidence showing that a floating LNG plant is a cheaper option and an LNG plant in East Timor too expensive.
The paper says Woodside has told East Timor that the project will deliver US$13 billion of revenue to the country over the life of the project.
Woodside Petroleum earned $1.8 billion in 2009.
