Sydney, 28 September (Argus) — Australia's Foreign Investment Review Board has approved Shell's purchase of 80pc of the Crux gas and liquids project in the Browse basin, offshore Western Australia.
The acquisition from Australian independent Nexus sees its stake reduced to 17pc stake and Japanese utility Osaka Gas' previous 15pc share cut to 3pc.
The Crux field has an estimated 2.2 trillion ft³ (62.3bn m³) of gas reserves, which Nexus said could be developed as a floating LNG (FLNG) project or backfill for Shell's Prelude FLNG project. Shell's Prelude project was the first LNG venture to be sanctioned in the Browse basin, reaching a final investment decision in May 2011. Japanese upstream group Inpex sanctioned the $34bn, 8.4mn t/yr Ichthys LNG project in January this year.
The Browse basin is emerging as Australia's next offshore LNG hub after the neighbouring Carnarvon basin, which is host to the 16.3mn t/yr Northwest Shelf LNG and 4.3mn t/yr Pluto LNG ventures operated by Australian independent Woodside Petroleum.
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