Woodside's LNG Pact With CPC Expires

Woodside Petroleum has said that it has allowed liquefied natural gas (LNG) key terms agreement with CPC Corporation of Taiwan for the Browse LNG Development too expire on June 21.

The agreement between the two parties was signed in 2007 and the contract was worth $45 billion for supply of 3 million tons a year of LNG.

Browse project has been facing stiff challenges and has since been pushed back, with a final investment decision not expected until next year.

Earlier this month, Woodside halted drilling at Browse, in WA's Kimberley region, until a court dispute about planning approvals was resolved, AAP reported.