Blow hits Woodside's Browse Basin gas exports

PLANS for developing the multibillion-dollar Browse Basin export gas project have been dealt a blow, with the Japanese partners abandoning a key sales contract that has partially underpinned the project.

Two Japanese trading houses, Mitsui and Co Ltd and Mitsubishi Corp, were planning to buy as much as 1.5 million tonnes of liquified natural gas annually from the project.

However, their participation and the offtake agreement were conditional on a final investment decision being taken for the project to proceed by the end of December, 2013.

But that has been delayed well into 2014, as the partners review development options after abandoning earlier plans to have an onshore processing plant.

''As a result of the Browse joint venture participants deciding not to proceed with an onshore development and to enter Basis of Design for a floating LNG development concept, both parties recognise that this condition will not be satisfied,'' Woodside said in a statement.

Read more at Brisbanetimes.com.au


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