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News Summary: $47B Australian LNG plant shelved

The Associated Press

FULL STEAM: Woodside Petroleum's chief executive said he is confident that a major gas field off the northwest Australian coast will be exploited despite the energy company on Friday shelving plans for a $47 billion plant to process the gas for export.

SQUARE PEG: The plans to build a processing plant at James Price Point in the wild West Kimberley region of Western Australia state were called off because "the proposed concept doesn't provide the economic return required to proceed."

PLAN B: Woodside will now begin talks with its joint venture partners, which include Shell Australia, about alternatives for the Browse gas field. Options include building a floating liquefied natural gas plant or piping the gas to existing LNG facilities to the southwest.