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Project Insights

Woodside betting big on LNG price rise

The Australian company is expecting an upturn in LNG prices and is planning to take FIDs on brownfield expansion projects in 2020 The Australian company is expecting an upturn in LNG prices and is planning to take FIDs on brownfield expansion projects in 2020.
By Damon Evans 8 March 2019 Asia Pacific / LNG 0 34019
The Pluto LNG plant in Australia. (Woodside)

Australia’s Woodside Petroleum is preparing to take FIDs on large gas developments off the Australian coast as it expects future LNG prices to swing in its favour.

The Perth-based company is targeting FIDs next year on the Scarborough-Pluto 2 project, which has an estimated capital budget of $11 billion, and the much larger Browse development, which is estimated to cost around $20 billion. Significantly, these brownfield expansion projects could be sanctioned without long-term sales deals being agreed, as Woodside has the financial power to start development...