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Woodside-JBIC Inks MOU Strengthening Japan's Energy Position

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Australia's Woodside Petroleum has inked a memorandum of understanding (MOU) with the Japan Bank for International Cooperation (JBIC) aimed at supporting Japan's requirement for stable and long-term energy supplies, the company said in a statement Monday.

The MOU, added Woodside, further strengthens the long-term relationship established between the organizations through the financial support JBIC provided for the Pluto LNG project.

Under the MOU, Woodside and JBIC will hold periodic discussions relating to Woodside's future LNG developments and JBIC will consider providing financial support for those potential developments as well as creating opportunities for Japanese companies to participate in Woodside's future LNG developments.

"JBIC has provided significant funding for the Pluto LNG project, and we are looking at expanding our existing relationship with JBIC. For example, getting JBIC involved in the Browse LNG Development could be a possibility," a spokesperson with Woodside told Rigzone.

Pluto was started up on May 12, 2012. The project – which took seven years from discovery to production – has shipped out 8 LNG cargoes from May to June this year. The initial phase of Pluto comprises of an offshore platform in 278 feet (85 meters) of water, connected to five subsea wells on the Pluto gas field. Gas is piped in a 112 miles (180 kilometers) trunkline to the onshore facility, sited between the North West Shelf Project and Dampier Port on the Burrup Peninsula. Offshore infrastructure consists of a single LNG processing train with a forecast production of 4.3 million tonnes per year.

Woodside is at present helming the Browse LNG Development. The project aims to commercialize the Browse joint venture's three gas and condensate fields – Brecknock (discovered 1979), Calliance (discovered 2000) and Torosa (discovered 1971) – located 264 miles (425 kilometers) north of Broome, off the remote Kimberley coast. Gas and liquids from these offshore fields will be brought to an onshore LNG plant at the Western Australian government's Browse LNG Precinct, near James Price Point, 37 miles (60 kilometers) north of Broome. The three fields contain contingent resources of 15.5 trillion cubic feet of dry gas and 417 million barrels of oil, according to Woodside's website.

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