State Government welcomes MIMI’s investment in Browse LNG project

Colin Barnett
Premier; Minister for State Development

Premier and Minister for State Development Colin Barnett welcomed the announcement by Woodside Petroleum that it accepted an offer from Japan Australia LNG (MIMI Browse) Pty Ltd to acquire a 14.7 per cent interest in the Browse LNG Precinct. The sale involves MIMI taking a 16% interest in the East Browse joint venture and an 8% interest in the West Browse joint venture, in a deal worth US$2 billion dollars.

“This strong commitment by Japanese industry, which also includes an off-take agreement to purchase about 1.5 million tonnes of LNG a year, is a major boost for the Browse project,” Mr Barnett said.

“With this deal and a previous deal, Woodside has sold down its overall share of the Browse project from 50 per cent to 31 per cent. This enables Woodside to remain operator of the development with a more manageable share for the Australian company to finance.”

The Premier said MIMI had played a significant long-term role in the development of the North West Shelf project as both an investor and marketer of North West Shelf LNG, providing access to Japanese LNG markets. “The State is very supportive of MIMI playing a similar role in the Browse project,” he said.

Mr Barnett said there could be some further adjustment of project equity shares before the joint venture structure was finally settled. “There is no doubt that this announcement is a vote of confidence and a major step forward for the Browse project and the development of a gas precinct at James Price Point,” he said.