WOODSIDE Petroleum has dumped plans for its controversial $45 billion liquefied natural gas project at James Price Point in Western Australia.
Woodside says it will review alternative ideas with its joint venture partners in the Browse project.
Woodside said a major review of the proposed LNG processing plant, near Broome, had found it would not deliver the returns the company needed.
"Woodside will immediately engage with the Browse joint venture to recommend evaluation of other development concepts to commercialise the Browse resources, which could include floating technologies, a pipeline to existing LNG facilities in the Pilbara or a smaller onshore option at the proposed Browse LNG precinct near James Price Point," it said on Friday.
Speculation mounted late Thursday that Woodside would scrap the project.
Woodside received conditional planning approval from the WA government last week to build a $120 million camp to house more than 850 fly-in, fly-out workers at the proposed gas hub.
The company recently said it was sticking to its June schedule for a final decision on building the onshore processing plant.
But analysts believe the proposal was not economically viable due to spiralling costs and challenges securing labour.
Joint venture partner Royal Dutch Shell prefers a floating liquefied natural gas facility.
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