The federal and WA governments have offered to extend the leases for Woodside Petroleum’s (ASX:WPL) $30 billion Browse Basin LNG project – on the strict condition that Woodside and its partners commit to the project.
The terms of the renewal will require the Browse JV to commit to building an LNG processing plant in the Kimberly within 120 days, unless the venture can find an alternative.
The JV will also be required to commit at least $1.25 billion towards ensuring the earliest possible commercialisation of the site.
Shell, Chevron, BHP and BP are all prospective members of the Browse JV.
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