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GDF Suez and Santos Ltd have jointly announced they are ceasing construction plans for their FLNG project off Northern Australia, according to a report from Reuters.
The companies believe they will not see a great enough return with the project and will pursuit other alternatives for development.
Costs have been rising on LNG projects in Australia as rivals have been seen competing for labor and equipment. The Bonaparte LNG project, jointly developed between Santos and GDF Suez, was to come online in 2019.
The rate of return was not deemed high enough given the complexity and exposure. There was no concern for competing gas from Russia and North America in the decision to abandon the project.
Alternatives may include supplying gas to rival project plants, including the Icthys plant under development with INPEX. The companies are considering a pipeline to Darwin to access existing and planned infrastructure there.
Austral-Asia News
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