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The Australian Conservation Foundation will today brief investors on the increasingly large array of risks mounting against Woodside Petroleum’s proposal to build a gas processing plant at James Price Point on the Kimberley coastline.
As the quest to find a suitable location to process Browse Basin gas enters a critical phase, ACF’s investor alert shows the door is opening for Woodside to make a decision to shift its planned gas hub away from James Price Point.
In a conference call this morning ACF will encourage investors to ask Woodside how James Price Point, with its risks and controversy – which include threats to the world’s longest intact dinosaur trackway and a whaling calving ground – stacks up against the option of piping gas south to the North West Shelf.
“If Woodside still maintains, contrary to some of the biggest investment banks in the world, that the James Price Point option is more attractive than the existing industrial site at North West Shelf, then it’s time the company proved this to investors,” said ACF economic adviser Simon O’Connor.
“Our investor alert shows why the North West Shelf is a much smarter option, on environmental, social and economic grounds, and why it’s in the interests of investors that the company pursues this option sooner rather than later.
“Increasing costs, low gas prices, highly conditional environmental approval and a pervading sense that Woodside has lost its social licence to proceed are all major hurdles that could sink plans for a gas hub at James Price Point.
Increasing costs, low gas prices, highly conditional environmental approval and a pervading sense that Woodside has lost its social licence to proceed are all major hurdles that could sink plans for a gas hub at James Price Point
“The alternative option – piping the gas south to the existing North West Shelf industrial site – offers lower capital costs and fewer risks.
“Further delays will continue to damage the Broome community, the precious Kimberley environment and the reputation of all joint venture partners.
“It’s time to grab the life raft and announce plans to pipe the Browse gas south.”