Woodside adrift as Browse dies with profits

Wednesday 17 February 2016

It won’t be news to readers even if it will surprise Minister Frydencoal. Woodside’s Browse project is now dead, from The Australian:

While it is still being looked at under a schedule of a second-half final investment decision, Woodside managing director Peter Coleman was sounding very downbeat about the project on a media call this morning and would not say approval was possible this year.

Along with a statement that new projects need to break even at $US35 a barrel, comparing with previous indications Browse broke even at $US50 to $US55, things are not looking good.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.