Floating into the future
Groundbreaking floating LNG technology - making liquefied natural gas on board the biggest ships on earth - is a "natural evolution" for the oil and gas industry, says Woodside chief Peter Coleman.
Woodside's biggest shareholder, Royal Dutch Shell, is building the world's first floating LNG vessel to develop its Prelude field in the Browse Basin off Western Australia, and also wants to use the technology as an alternative to onshore processing of Browse gas at the James Price Point on the Kimberley coast.
Woodside recently presented its Browse joint-venture partners - including Shell - with costings for James Price Point.
Mr Coleman would not comment on the likely outcome at Browse but said floating LNG, in general, was a "technology of the future" and Woodside needed to develop its capability.
"Oil evolved from onshore plants to what today is industry-accepted practice for remote-location, small fields, FPSOs [floating production, storage and offloading vessels]. So in the oil world you already have an analog to go by. LNG is simply taking what was done in oil now and moving that into LNG."
Mr Coleman said the new ships would be six times heavier than the largest aircraft carrier at 600,000 tonnes and almost 500 metres.
InvestSMART FORUM: Come and meet the team
We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.
Want access to our latest research and new buy ideas?
Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.Sign up for free