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[SYDNEY] Woodside Petroleum, Australia's largest oil and gas company, said on Friday it had approved a US$2 billion gas development in Western Australia's North West Shelf project, defying weakness in energy prices as it seeks new sources of growth.
Woodside, which operates the North West Shelf project, and partners including BHP Billiton, BP, Chevron , Shell and Japan Australia LNG will develop 1.6 trillion feet of gas which will be piped to the existing Goodwyn A platform, Woodside said in a statement. Production is expected to commence in the first half of 2020.
Cash-rich Woodside, which scrapped an US$8 billion takeover tilt at Papua New Guinea-focused gas play Oil Search Ltd , has no other new major projects due to start producing this decade.