Media Release: Floating LNG to save Woodside billions: Is Browse next?

The Wilderness Society WA Inc
Media Release
4 June 2010

The Wilderness Society has welcomed confirmation today that processing gas reserves via floating LNG technology would result in billions of dollars in savings for Woodside, and its shareholders.

Citing comments by CEO Don Voelte regarding the Sunrise (Timor Sea) project, Wilderness Society State Coordinator, Peter Robertson said “Woodside has this week confirmed that processing gas fields via floating LNG technology is not only possible, but incredibly profitable”.

“There are now two clear examples of floating LNG processing, with Shell’s Prelude project in the Browse basin, and Woodside’s Sunrise project in the Timor Sea.”

“With this new technology, comes a new opportunity to minimise the damage to our marine environment – Woodside must abandon its plans to build an industrial gas plant on the globally significant Kimberley coast”

“It is clear there are alternatives available, which would deliver profits and jobs to the Australian community without damaging and polluting one of the least impacted coastlines left in the world.”

“Ironically, Woodside has previously said that if it uses floating LNG for Sunrise, it would still guarantee economic benefits, including jobs, for East Timor.  Exactly the same would apply to the Kimberley.”

In his remarks, Mr Voelte confirmed that for Woodside, ‘"We found that there were no technical impediments to TLNG (a Timor plant). However, it has the highest capital cost by approximately $US5bn compared to FLNG, and presents technical risks”. ¹

Media Contact: The Wilderness Society, Peter Robertson, 0409 089 020

¹ East Timor gas plant too costly: Woodside, http://www.theaustralian.com.au/business/east-timor-gas-plant-too-costly-woodside/story-e6frg8zx-1225875233483