Westen Australia's Department of Mines and Petroleum (DMP) reported Thursday that the Browse floating liquefied natural gas (FLNG) project in the Browse Basin has taken a step forward towards development.
Federal Minister for Industry and Science, Ian Macfarlane, and Western Australian Minister for Mines and Petroleum, Bill Marmion, have executed a deed of agreement setting out the proportion of petroleum in the Torosa petroleum pool.
The Torosa petroleum pool straddles Commonwealth and WA retention lease areas and is intended to be developed through the proposed Browse FLNG project.
The deed of agreement was also signed by senior representatives of the Browse Joint Venture, reflecting the requirement for an agreement between the three parties under Commonwealth and WA legislation.
"This is the first time an agreement of this sort has been struck between governments and reflects our commitment to securing the next wave of investment in the Australian LNG sector," Macfarlane said.
"This deed of agreement represents an allocation of petroleum between the Commonwealth (34.6 percent) and the State of Western Australia (65.4 percent) based on the best available technical data. It will provide certainty to the Browse Joint Venture over the life of the project, reinforcing Australia's reputation as a stable investment destination.
"It is an example of governments working together to support the development of our offshore resources for the benefit of all Australians."
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