$5bn North Rankin scheme gets nod Matt Chambers, Dow Jones Newswires | March 31, 2008 WOODSIDE Petroleum said the North West Shelf Venture participants have approved the $5 billion North Rankin 2 project, off Australia's north-west coast.
The project, due to start in 2013, will recover remaining low-pressure gas from the North Rankin and Perseus gas fields, said the Perth-based Woodside, operator of the North West Shelf liquefied natural gas venture.
The six equal participants in the North West Shelf Venture are BHP Billiton, BP, Chevron, Japan Australia LNG, Royal Dutch Shell and Woodside (ASX: WPL: quote).
Woodside said investment in the project totals about $5 billion, of which Woodside's share was 16.67 per cent.
“This project will extend the field life of the North Rankin and Perseus fields, and support the venture's onshore gas commitments to supply customers post 2013,'' Woodside chief executive Don Voelte said.
North Rankin is located about 135km off Karratha.
BHP Billiton petroleum chief executive Michael Yeager said North Rankin 2 would deliver gas from the North West Shelf for another 25 years.
“This extension of the North West Shelf project follows our approval of the fifth LNG train, which significantly expanded the LNG facility as well as the Angel gas and condensate field, which are under development,'' he said.
The fifth train will add a further 4.4 million tonnes of production capacity and increase total annual output to 16.3 million tonnes.
Shares in Woodside slipped 0.54 per cent today to $53.21, while the benchmark S&P/ASX200 index lost 0.05 per cent.
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