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Woodside acquiring more customers in Asia-Pacific region

LNG Industry,

Woodside Petroleum Ltd. has reached an agreement to progress talks on the potential sale of up to 1.5 million tpy of LNG from it’s share of the Browse LNG project to Osaka Gas. It has also announced it is in discussions with other potential customers in the Asia-Pacific region.

An earlier key terms agreement with Petrochina for the sale of 2 - 3 million tpy of LNG from the Browse LNG project expired on 31st December 2009. However, a keys terms agreement made with CPC Corporation Taiwan for the potential sale of 2 - 3 million tpy of LNG for the next 15 - 20 years is still in place and Woodside has said that negotiations are continuing.

The Browse joint venture partners recently agreed to the terms and conditions of seven new retention leases; WA-28-R, WA-29-R, WA-30-R,WA-31-R, WA-32-R, TR/5 and R2.

The terms stipulated that work commitments must be made to develop the Browse LNG project, including selecting the Kimberley LNG hub at James Price point for development unless it can be demonstrated that an alternative development concept can be made commercially viable sooner.

It is estimated that the Browse LNG project has reserves of over 300 million barrels of condensate and 20 trillion ft3 of gas.

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