Woodside Petroleum chairman Michael Chaney says floating liquefied natural gas (FLNG) will help the rising costs and inadequate productivity in the industry, The Australian reports.
According to the newspaper, Mr Chaney told a Perth conference that FLNG allowed phased capital spending and could enhance the risk profile of a project because many costs are contained within the shipyard and cash generation becomes faster and more certain.
Woodside is working to develop Browse using FLNG technology, which is currently being used in its joint venture with Royal Dutch Shell.
"It is exactly the sort of opportunity we should be looking for if we are to diversify our economy away from its current dig and deliver dominance,” Mr Chaney said, according to The Australian.
