Woodside Scraps $40 Billion LNG Project After Price Collapse
- Australian producer cites `extremely challenging' market
- Woodside remains committed to developing Browse resource
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Woodside Petroleum Ltd. and partners including Royal Dutch Shell Plc and BP Plc scrapped plans to develop the $40 billion Browse liquefied natural gas project in Australia after the plunge in oil and gas prices.
Australia’s second-largest oil and gas producer won’t go ahead with the floating LNG development after completing engineering and design work, the Perth-based company announced Wednesday. Citing an “extremely challenging” market, Woodside said the Browse venture will prepare a new plan and budget for developing the gas resources off Western Australia.