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A slump in energy prices that has led to the deferral of liquefied natural gas (LNG) projects around the world is set to be an unexpected boon for some producers trying to kickstart new ventures in gas-rich western Australia.
Offshore and onshore projects led by Woodside (OTC:WOPEY) Petroleum (AX:WPL), Chevron Corp (N:CVX) and Japan’s Mitsui (T:8031) are in the mix to plug a looming supply gap at North West Shelf, Australia’s oldest and biggest gas export plant.
The shortfall follows a decision in March to put the giant offshore Browse gas project on ice after its owners, led by Woodside, balked at the $20 billion price tag to develop the field amid a slump in LNG prices to record lows.