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Woodside Petroleum to shelve Browse LNG project in Western Australia

Xinhua, March 24, 2016 Adjust font size:

The decision by energy giant Woodside Petroleum to shelve its Browse liquefied natural gas project in Western Australia has been labelled 'disappointing' by Australian Resources Minister Josh Frydenberg.

Woodside Petroleum decided not to go ahead with the project, naming the challenging economic and market environment as contributing factors to put the 40 billion Australian dollar (30 billion U.S. dollars) project on hold.

Frydenberg told the ABC on Thursday the decision was disappointing.

"We are disappointed by this decision from Woodside and its joint venture partners to delay the development of the 40 billion Australian dollars (30 billion U.S. dollars) plus Browse project," Frydenberg said.

"But we understand it's at a time when it's a very challenging energy environment and we've seen dramatic reductions in the price of oil and gas,' he said.

"We also note that Woodside and its joint venture partners have not walked away from the project. They're still committed to its development in due course. As a government we'll do everything we can to ensure that happens."

Australian Employment Minister Michaelia Cash added that lower oil prices had an impact on the decision.

The Browse liquefied natural gas project was to be a joint venture with Royal Dutch Shell, BP and PetrolChina. Endit