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Woodside Petroleum goes with $2 billion gas development in Australia

Staff writer |
Woodside Petroleum approved a $2 billion gas development on Australia's north west shelf.

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Woodside and joint venture partners BHP Billiton Petroleum, BP, Chevron Australia, Japan Australia LNG and Shell will develop the 1.6 trillion feet of gas using subsea pipeline infrastructure to the existing Goodwyn A platform, the company said in a statement.

The project is the fourth major gas development for the North West Shelf Project in the past seven years as the company commercializes the area's gas reserves "in a timely and efficient manner to extend plateau production," Woodside chief executive Peter Coleman said.

Woodside scraped its proposed takeover of Papua New Guinea focused Oil Search on December 8, saying increasing its initially rejected offer would be detrimental to its shareholders if oil prices continued to slide.

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