By Ross Kelly 
 

SYDNEY--Woodside Petroleum Ltd. (WPL.AU) said Tuesday it's delayed making a decision on whether to proceed with the Browse gas-export joint venture.

Woodside and partners including Royal Dutch Shell PLC (RDSA.LN) and BP PLC (BP.LN) will now target a final investment decision in mid-2016, back from previous guidance of the second half of 2015, Woodside said.

Analysts estimate the floating liquefied natural gas project could cost around US$40 billion to build.

LNG is typically sold in contracts linked to the oil price, which has tumbled in recent months due to a global supply glut.

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

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