Woodside Petroleum to review alternate Browse LNG plans

Woodside Petroleum (WOPEY) announced earlier it has completed its technical and commercial evaluation of the proposed Browse LNG Development near James Price Point and determined that the development concept does not meet the company’s commercial requirements for a positive final investment decision. A tender evaluation has recently been completed for all upstream and downstream scopes of work which showed that the development would not deliver the required commercial returns to support a positive final investment decision by Woodside, the company said. Woodside said it "acknowledges the high quality of the work which underpinned the bids received from these contractors," though it did not name the contractors in its press release. A move lower in shares of Chicago Bridge & Iron (CBI) yesterday was attributed to speculation that Woodside would pursue an alternate plan for the Browse project. CB&I shares are down about 1% in early afternoon trading.

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