Woodside Petroleum has shrugged off the collapse of a Browse project gas sales deal that would have been worth billions of dollars, blaming it on the axing of the James Price Point development.
Woodside said yesterday a major Japanese consortium had pulled out of a deal to become a foundation customer of the Browse LNG project.
The proposed deal with the MIMI consortium was contingent on Woodside and its partners in the Browse project given the development go-ahead before 2014.
Woodside and MIMI signed their deal in May 2012, proposing that the Japanese take 1.5 million tonnes of Browse LNG a year, or 13 per cent of the project's output.
Woodside said yesterday it continued to work with MIMI, which comprises Japanese firms Mitsui and Mitsubishi, to market gas from the new-look Browse development.