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BLOOMBERG-June 02,2010
By Ben Sharples
June 3 (Bloomberg) -- Woodside Petroleum Ltd., Australia’s second-largest oil and gas producer, says it’s fulfilled all obligations governing the Sunrise liquefied natural gas project in waters between Australia and East Timor.
Developing Sunrise through the use of a floating LNG platform plant has “robust economics, maximizing total revenue to Australia and Timor-Leste,” Woodside Chief Executive Officer Don Voelte told a conference in Sydney today.
East Timor is opposed to any proposal that doesn’t include building a plant on its soil to process the gas into LNG. The Sunrise venture, which includes Royal Dutch Shell Plc and is operated by Woodside, ruled out that option because of cost.
About 82 percent of the gas is located in Australian waters, and the country should receive about $19 billion in revenue over the life of the project, Voelte said. The Asian nation will earn about $13 billion for its 18 percent share, Voelte said in the presentation, filed to the Australian stock exchange.
Woodside rose 1.7 percent to A$44.15 in Sydney trading at 10:09 a.m. The benchmark S&P/ASX 200 Index gained 1.7 percent.
Editors: John Viljoen, Gavin Evans.
To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net
To contact the editor responsible for this story: Clyde Russell in Singapore at crussell7@bloomberg.net
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BLOOMBERG-June 02,2010
By Ben Sharples
June 3 (Bloomberg) -- Woodside Petroleum Ltd., Australia’s second-largest oil and gas producer, says it’s fulfilled all obligations governing the Sunrise liquefied natural gas project in waters between Australia and East Timor.
Developing Sunrise through the use of a floating LNG platform plant has “robust economics, maximizing total revenue to Australia and Timor-Leste,” Woodside Chief Executive Officer Don Voelte told a conference in Sydney today.
East Timor is opposed to any proposal that doesn’t include building a plant on its soil to process the gas into LNG. The Sunrise venture, which includes Royal Dutch Shell Plc and is operated by Woodside, ruled out that option because of cost.
About 82 percent of the gas is located in Australian waters, and the country should receive about $19 billion in revenue over the life of the project, Voelte said. The Asian nation will earn about $13 billion for its 18 percent share, Voelte said in the presentation, filed to the Australian stock exchange.
Woodside rose 1.7 percent to A$44.15 in Sydney trading at 10:09 a.m. The benchmark S&P/ASX 200 Index gained 1.7 percent.
Editors: John Viljoen, Gavin Evans.
To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net
To contact the editor responsible for this story: Clyde Russell in Singapore at crussell7@bloomberg.net
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