Browse is probably 5+ years away from first gas if the project was FID today (it won't be FID today or in the next 6 months).
Spot gas prices are good now but will that last for decades so Browse can capture it? Oil and gas prices are 5-7 years cyclical.
Also Browse FID would require contracts in place (like Pluto etc) which would limit spot exposure to below 20% just like WPLs current production
Ann: Woodside and BHP Petroleum merger investor presentation, page-19
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