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BP. Bp Plc

495.50
2.70 (0.55%)
Last Updated: 08:59:45
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bp Plc LSE:BP. London Ordinary Share GB0007980591 $0.25
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.70 0.55% 495.50 495.40 495.50 497.40 494.85 495.45 2,236,519 08:59:45
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Petroleum Refining 211.6B 15.24B 0.8934 5.56 84.66B

Woodside Bullish on Browse LNG, Despite Oil-Price Slump

21/05/2015 12:47am

Dow Jones News


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   By Ross Kelly 
 

SYDNEY--Woodside Petroleum Ltd. (WPL.AU) said Thursday it's growing increasingly confident that early engineering and design work will start on its proposed multibillion Browse floating liquefied-natural-gas joint venture in the coming months.

Progress on the venture, which is operated by Woodside and includes Royal Dutch Shell PLC (RDSA.LN) and BP PLC (BP.LN), had been thrown into doubt by a collapse in oil and LNG prices. Analysts have also speculated that Shell, which will provide the floating LNG technology, may wish to delay Browse while it concentrates on completing its US$70 billion takeover bid for BG Group PLC and develops that target's assets.

Peter Coleman, Woodside's chief executive, told the company's annual investor briefing in Melbourne that it still sees Browse moving into front-end engineering and design, or FEED, work in the middle of 2015. The company was so confident of moving ahead it could now say it was "expecting" a mid-year start to FEED rather than "targeting" it, Mr. Coleman added.

A spokesman for Shell said the company wouldn't speculate on a date for FEED entry. All of the Browse joint-venture partners have to agree to fund and commence the work before it can begin.

A final investment decision on the project is expected in the second half of 2016, Woodside said. It's possible the project could still be delayed following completion of FEED.

Last month, Mr. Coleman indicated after Woodside's annual shareholder meeting that Shell remained enthusiastic about the project.

"We've already had discussions with Shell around their commitment to Browse and every indication I have from them is that Browse is still front-of-mind for them," Mr. Coleman said at the time.

Write to Ross Kelly at ross.kelly@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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