see wpl webcast - confidence building, page-8

I agree with your comment that Voelte was at pains to stress the perspective of Woodside was not apparently shared by other JV partners. But as I have said before, as the poerator and major stakeholder they must be in the driver's seat.

Insofar as the oil price is concerned, i am not surprised that they are using a low oil price for economic feasibility. Given what I know about the mistakes of the early 80's where investment decisions were made assuming the USD40 oil price would be sustained meant that returns on equity for WPL and other NWS partners were depressed for many years.

What that means to me is that they are working the economics of Tiof on prices of USD22-USD24 bbl. No wonder it doesn't look that good and they are at loggerheads with JV partners. It wouldn't take much of an increase in the price assumption to change the landscape. there's still plenty of discussion to take place on Tiof and my bet is for a phased development. When it will be agreed is anyone's guess.

regards
DF