Shell still backing Browse: Woodside

Woodside Chief Executive Peter Coleman.

Woodside Chief Executive Peter Coleman.

Woodside is still confident that Royal Dutch Shell will support the development of the proposed Browse floating LNG (FLNG) Project, despite its planned takeover bid for BG Group.

Woodside Chief Executive Peter Coleman said that following discussions with Shell, the project remains front of mind for the companies.

Mr Coleman added that following a revised schedule for entry into front-end engineering and design (FEED), the joint venture is now targeting a mid-2015 entry announcement.

“This revised schedule has allowed us to develop strategies for taking advantage of lower cost outcomes in new market conditions,” Mr Coleman said.

A final investment decision on the project is scheduled for 2016.

After originally proposing a Browse LNG Development near James Price Point, Woodside determined that the development concept did not meet the company’s commercial requirements for a positive final investment decision in April 2013, announcing in September 2013 that the Browse joint venture had selected FLNG as the development concept.

Participants in the joint venture include Woodside as operator, Shell Development Australia, BP Developments Australia, Japan Australia LNG (MIMI Browse) Pty Ltd and BHP Billiton Petroleum (North West Shelf) Pty Ltd.

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