SYDNEY - Woodside Petroleum Ltd. Tuesday said it has agreed to look at Royal Dutch Shell PLC's technology for processing natural gas at sea as a way to develop its Browse resource offshore Western Australia.
The move comes just a fortnight after Woodside and partners in the Browse joint venture, which include Shell, abandoned plans for an US$40 billion onshore liquefied natural gas, or LNG, development due to its high cost. At that time, Shell said its floating LNG technology was the fastest and most economic way to develop Browse.
In a statement Tuesday, Woodside Chief Executive Peter Coleman said he now agreed that floating LNG could be the quickest way to develop Browse, which contains an estimated 15.5 trillion cubic feet of natural gas.
All partners will need to approve floating LNG or another development plan before construction could go ahead. Other investors in Browse include BP PLC, Mitsubishi Corp. and Mitsui & Co.
Copyright (c) 2012 Dow Jones & Company, Inc.
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