Woodside Petroleum Limited’s
(ASX:WPL) controversial $40 billion Browse liquefied natural gas (LNG) development in Western Australia has again been cast into the spotlight.
West Australian Premier Colin Barnett says if the oil and gas company delay’s its final investment decision beyond June the project could be pushed back by five to ten years.
Woodside Petroleum scored state government environmental approval for Browse at the end of 2012 where it has planned to construct a gas processing facility near Broome with joint venture partners.
The project has long been opposed by environmental groups and analysts have increasingly expressed doubt on the project’s economic viability in the face of higher costs.
Speaking to ABC Radio yesterday Mr Barnett says he will do all he can to change the fundamentals of the project so it does work, claiming there are things that can be done.
Woodside Petroleum generated a net profit of $2.9 billion in the 2012 financial year.
