Woodside Petroleum Limited
(ASX:WPL) has opted not to proceed with a $45 billion liquefied natural gas project at James Price Point in Western Australia.
The decision follows a technical and commercial evaluation of the proposed development which determined the concept does not meet the oil and gas giant’s financial investment requirements.
Woodside says it will engage with the Browse joint venture to evaluate other development concepts to commercialise the Browse resources.
Considerations could include floating technologies, a pipeline to existing LNG facilities in the Pilbara or a smaller onshore option at the proposed James Price Point LNG precinct.
Woodside is tabulating a work program and budget for the remaining 20 months of its retention leases, striving towards the development of the East and West Browse Resources, of which it is the operator.
Woodside Petroleum generated a $2.9 billion net profit in its 2012 financial year.
