Woodside to Shelve the Shelf

There are reports today that Woodside will postpone making any decisions relating to its $47Bn development pipeline in the NorthWest given uncertainty around oil and gas prices. The energy major had plans for its $17Bn Scarborough reserve and the long-awaited $30Bn Browse deposit although analysts are now questioning whether these mega-projects will meet the companies target 12% IRR.

CEO Peter Coleman was quoted as saying that a decision would not be made on Scarborough before next year and Browse wouldn’t be considered until 2023.

Read more at the Age here.