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Browse one step closer to commercialisation

james-price-pointResources Minister Gary Gray today announced his decision to vary conditions on five Browse retention leases, paving the way for the earliest possible commercialisation of the Browse hydrocarbons field.

“The decision to vary the Browse retention leases was taken to ensure the timely development of these gas resources for the benefit of the Australian, Western Australian and Kimberley coast economies,” Mr Gray said.

“It was clear that the Browse Joint Venture did not consider development of James Price Point to be commercially viable. I take the view that companies, not governments, are best placed to determine which developments are commercially viable, subject of course to environmental and regulatory requirements.”

Mr Gray said his decision restored the browse retention lease to a lease consistent with other Commonwealth leases.

The revised conditions do not specify any particular development concept, consistent with the government’s belief that this should be a commercial decision.

With Australia on track to be one of the largest LNG exporters in the world by the end of the decade, Mr Gray said early commercialisation of the Browse resources was important to Australia, Western Australian and the communities of the Kimberley.

“We must take full advantage of the current window of opportunity for Australia to develop its LNG industry. I want to ensure that Australia and Western Australia benefits from the development of our resources and that those dollars don’t go to competing markets,” he said.

“The risk is that if Australia does not provide the environment for commercial decision-making now, we may miss out altogether. Already it has been more than 40 years since the first Browse fields were first identified, and over a decade since development options were first considered.

“Australia, Western Australia and the communities of the Kimberley cannot afford to delay any longer, which is why I have made this decision.”

Mr Gray said he had advised WA’s Minister for Mines and Petroleum, Bill Marmion, of his decision.

A copy of the revised conditions and work program will be available on the NOPTA National Electronic Approval Tracking System (NEATS) website in due course.

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