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LINDSAY MURDOCH AND MATHEW MURPHY-April 30, 2010
DEVELOPMENT of the multi-billion dollar Greater Sunrise joint venture in the Timor Sea remains in doubt after a Woodside-led consortium announced it wants to export gas from what will be one of the world's first floating liquefied natural gas platforms.
The market had been expecting the announcement for some time, but East Timor's leaders were locked in a meeting last night preparing a response. They have said repeatedly they would not approve either a floating platform or pipeline to Darwin, the only two options the consortium seriously considered.
The Prime Minister, Xanana Gusmao, and other leaders repeatedly demanded the consortium pipe the gas to a processing plant in East Timor. Mr Gusmao was quoted in the Timorese media last week as saying Australia had made threats to East Timor over its stand. East Timor and Australia will each receive 50 per cent of the royalties from the development of Sunrise.
The Woodside chief executive, Don Voelte, said the Sunrise joint venture will ''continue to work with'' Australian and East Timorese authorities to progress the project.
The decision to proceed with the offshore option means the development is likely to be delivered later than if Woodside was to develop a Darwin hub.
Giant floating LNG plants carry certain risks, as they are yet to be tested anywhere in the world. However, the method is being seen as advantageous for smaller projects or for gas fields that are too far from shore.
Analysts say developing Sunrise as a floating LNG project would mean first gas is unlikely until after 2018, with a final investment decision to be made in 2012.
In a statement issued yesterday, Shell was quick to trumpet that Sunrise would be its second floating LNG project; its first is likely to be its Prelude proposal, located 500 kilometres from Broome in the Timor Sea. However, Prelude has also been delayed from the original estimate of sometime in 2012 to new forecasts of about 2015
Ann Pickard, Shell Australia's executive vice-president of upstream, said a floating platform for Sunrise made the most sense: ''Sunrise is a significant resource, but is remote and technically challenging, so Shell's FLNG technology provides the best technical and commercial development option.''
LINDSAY MURDOCH AND MATHEW MURPHY-April 30, 2010
DEVELOPMENT of the multi-billion dollar Greater Sunrise joint venture in the Timor Sea remains in doubt after a Woodside-led consortium announced it wants to export gas from what will be one of the world's first floating liquefied natural gas platforms.
The market had been expecting the announcement for some time, but East Timor's leaders were locked in a meeting last night preparing a response. They have said repeatedly they would not approve either a floating platform or pipeline to Darwin, the only two options the consortium seriously considered.
The Prime Minister, Xanana Gusmao, and other leaders repeatedly demanded the consortium pipe the gas to a processing plant in East Timor. Mr Gusmao was quoted in the Timorese media last week as saying Australia had made threats to East Timor over its stand. East Timor and Australia will each receive 50 per cent of the royalties from the development of Sunrise.
The Woodside chief executive, Don Voelte, said the Sunrise joint venture will ''continue to work with'' Australian and East Timorese authorities to progress the project.
The decision to proceed with the offshore option means the development is likely to be delivered later than if Woodside was to develop a Darwin hub.
Giant floating LNG plants carry certain risks, as they are yet to be tested anywhere in the world. However, the method is being seen as advantageous for smaller projects or for gas fields that are too far from shore.
Analysts say developing Sunrise as a floating LNG project would mean first gas is unlikely until after 2018, with a final investment decision to be made in 2012.
In a statement issued yesterday, Shell was quick to trumpet that Sunrise would be its second floating LNG project; its first is likely to be its Prelude proposal, located 500 kilometres from Broome in the Timor Sea. However, Prelude has also been delayed from the original estimate of sometime in 2012 to new forecasts of about 2015
Ann Pickard, Shell Australia's executive vice-president of upstream, said a floating platform for Sunrise made the most sense: ''Sunrise is a significant resource, but is remote and technically challenging, so Shell's FLNG technology provides the best technical and commercial development option.''
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