By Upstream staff
The North West Shelf Venture in Australia is conducting a comprehensive cost review on the US$1.5 billion phase five liquefied natural gas expansion project.
Project operator Woodside said the review should be completed in the third quarter of 2006, and was being done because of “increasing cost pressures”.
To date, about 80% of the project’s approved budget has been committed. In the last three months, the piping pre-fabrication and new workshop contracts were awarded, and a letter of intent was issued for the mechanical construction contract.
In the third quarter it is planned to award the outstanding major contracts including electrical and instrumentation and scaffolding.
Current activities include engineering and procurement pre-fabrication, site preparation and civil foundation.
Woodside said the project is on schedule for first shipment in the fourth quarter of 2008.
The six equal partners in the NWSV are Woodside, Shell, BP, Chevron, BHP Billiton and Japan Australia LNG (MiMi).
CNOOC is also a member of the NWSV but does not have an interest in its infrastructure.
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