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Woodside agrees LNG land treaty

Financial Times

By Elizabeth Fry

Published: April 17 2009 03:00 | Last updated: April 17 2009 03:00

Woodside Petroleum, Australia’s second-largest oil and gas producer, has made a verbal pact with Aboriginal landowners to build a liquefied natural gas plant in Western Australia, due to open by 2011.

The oil and gas producer expects to conclude a formal treaty with the state government and local land councils in Western Australia’s Kimberly region in the next few days. The deal would allow Woodside to process LNG from the offshore Browse Basin gas fields in the Indian Ocean. The basin holds reserves of more than 50,000bn cubic feet, or a third of Australia’s known offshore gas.

Under the agreement, the traditional landowners of James Price Point, which is north of Broome, would receive compensation of A$1bn (US$718m) over 30 years. BHP Billiton, BP, Chevron and Royal Dutch Shell have stakes in the Woodside-operated Browse Basin project.

Elizabeth Fry, Sydney

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