Commonwealth retention leases renewed for Browse FLNG project
PERTH (miningweekly.com) – The proposed Browse floating liquefied natural gas (FLNG) project has been given more certainty after the Commonwealth-Western Australia offshore petroleum joint authority renewed five commonwealth retention leases that were earmarked for the project.
Industry and Science Minister Ian Macfarlane said that the decision was made jointly by the commonwealth government and the Western Australian Mines and Petroleum Minister Bill Marmion.
“This recognises the proposed project’s significant development potential and supports the joint venture’s (JV's) investment decisions including its recent announcement to enter into the front-end engineering and design (Feed) phase,” Macfarlane said.
Australian oil and gas major Woodside recently announced that the project would move to the Feed phase, after the Browse JV participants entered into a domestic gas and supply chain principal agreement with the state government.
The Browse FLNG development concept was based on three FLNG facilities using project partner Shell’s technology and Woodside’s offshore development expertise to commercialise the Brecknock, Calliance and Torosa fields, which have contingent resources of 15.4-trillion cubic feet of dry gas and 453-million barrels of condensate.
Macfarlane said this week that the state and commonwealth governments have been working closely with the Browse JV to ensure that they had the right approvals and frameworks to allow for the investment to proceed.
“Our governments are conscious of the need to ensure these valuable resources can be developed in a manner that is commercially viable and maximises benefits to the Australian community.
“The global gas market is increasingly competitive and governments and industry must continue to work together to ensure Australia remains an investment destination of choice for LNG supply to the burgeoning Asia-Pacific regional economy.”
Marmion, meanwhile, highlighted the importance of timely development of petroleum resources to Western Australia, saying that the importance of the oil and gas sector to the state’s economy could not be overstated.
“Western Australia is committed to working closely with the commonwealth to ensure the timely and efficient development of this resource which will deliver enduring benefits for all Western Australians.”
Woodside was targeting a final investment decision on the Browse project by the second half of 2016.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation