WA's Browse FLNG Project JV Agrees to Enter FEED, FID Planned for 2H 2016

Woodside Petroleum Ltd., as a participant in the Browse floating liquefied natural gas (FLNG) Development in the Browse Basin off Western Australia, reported Wednesday that agreement has been reached to enter the front-end engineering and design (FEED) phase for the proposed development.

The FEED phase involves undertaking the activities required to finalize the costs and technical definition for the proposed development to enable a final investment decision (FID). It includes determining a range of details related to the commercialization, timing and sequencing of FLNG deployment.

Woodside CEO Peter Coleman said the decision to enter the FEED phase on Browse was a significant step towards developing the world class Browse resources.

“We are excited to be moving into the next phase of the Browse FLNG Development using FLNG technology. In particular, we acknowledge the support of key government stakeholders and especially commend the current and previous Ministers responsible for resources for their consistent, clear and long-term approach to oil and gas development.

“We will continue to work with governments, Australian industry, local communities and other relevant stakeholders to realize potential opportunities from this mega project,” he said.

The Browse FLNG Development concept is based on three FLNG facilities utilizing Shell’s FLNG technology and Woodside’s offshore development expertise to commercialize the Brecknock, Calliance and Torosa fields (gross (100 percent) contingent resources (2C) of 15.4 trillion cubic feet (Tcf) of dry gas and 453 million barrels of condensate).

As part of the entry into the FEED phase, the Browse Joint Venture 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. No monetary consideration was payable in respect of the EAD.


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