Woodside has confirmed the Australian Browse LNG development has been suspended amid the current challenging market conditions.
The huge development had called for three FLNG facilities near Broome in Western Australia.
“We have undertaken a comprehensive and rigorous process to assess all elements of the development. The decision represents a disciplined approach to large-scale capital investment and is consistent with our requirements for a development concept to be commercially robust across a range of scenarios.
“Woodside remains committed to the earliest commercial development of the world-class Browse resources and to FLNG as the preferred solution, but the economic environment is not supportive of a major LNG investment at this time. Accordingly, we will use the additional time to pursue further capital efficiencies for Browse,” said Woodside CEO Peter Coleman.