Browse Partners Moves Ahead with LNG Project

The Browse Joint Venture has decided to commence front-end engineering and design (FEED) for the Browse LNG project in Australia, having completed its preliminary front-end engineering and design (Pre-FEED).

The target for a final investment decision is set for the second half of 2016.

Browse JV aims to commercialize natural gas and condensate resources from the Browse gas and condensate fields located off the coast of Western Australia. Browse JV intends to develop the Browse LNG project by utilizing Shell's floating LNG technology and Woodside's offshore development expertise.

As part of the entry into the FEED phase, the Browse JV participants entered into an equity alignment deed (EAD), which comprises a series of exchanges of equity interests between the participants, establishing a single aligned interest for each of the participants across the combined Browse project, Woodside, which remains the operator of the project, said in a statement Wednesday.

No monetary consideration was payable in respect of the EAD.

 In parallel, Woodside and the other Browse JV participants entered into a new joint operating agreement (JOA) that sets out the governance and management arrangements for the assets of the Browse JV and supports the progression of the proposed development to FID.

JV participants are: Mitsui and Mitsubishi, through MIMI Browse (14 percent), Woodside Browse Pty Ltd (30.60 percent), Shell Development (Australia) Proprietary Limited (27 percent), BP Developments Australia Pty. Ltd. (17.33 percent) and PetroChina International Investment (Australia) Pty Ltd (10.67 percent)