Woodside Shelves $40B Aussie LNG Project

Law360, New York (April 12, 2013, 6:25 PM EDT) -- Australia's Woodside Petroleum Ltd. announced Friday it will not be building an onshore plant to process gas from the $40 billion Browse natural gas development, saying rising costs triggered by labor shortages, technical challenges and a strong Australian dollar have made the project unprofitable.

The move by Australia's largest independent oil and gas producer came after it had spent $2 billion with its partners investigating whether to build the plant at James Price Point on the coast of Western Australia and just weeks before it had...
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