Woodside Petroleum Limited provided an update Thursday on the Browse LNG (liquefied natural gas) project in Western Australia.
In connection with Woodside's sale of equity in the Browse LNG Development to Japan Australia LNG (MIMI Browse) Pty Ltd (MIMI) and advised to the Australian Securities Exchange (ASX) May 1, 2012:
The SPA was conditional upon a final investment decision on Browse being taken by Dec. 31, 2013. As a result of the Browse joint venture participants deciding not to proceed with an onshore development and to enter Basis of Design for a floating LNG development concept, both parties recognize that this condition will not be satisfied. Consequently, MIMI has today given Woodside notice terminating the SPA. The JMA has not been terminated.
Woodside and MIMI continue working actively on marketing of co-mingled LNG volumes in the Japanese market. In addition, Woodside remains in ongoing discussions with other regional customers regarding potential sales from its portfolio of Australian LNG developments, including Browse.
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