WOPEF - Woodside wins key approvals for Australia's Scarborough gas project

Woodside Petroleum (OTCPK:WOPEF) (OTCPK:WOPEY) said on Wednesday it secured the last few remaining regulatory approvals from the Australian and Western Australian governments for its Scarborough LNG project, the Australian Financial Review reports. The approvals for a pipeline license and field development plan clear most of the regulatory hurdles to the LNG project, allowing Woodside to begin petroleum recovery operations from two license areas for the Scarborough and Pluto LNG expansion projects, together expected to cost $12B. The company expects to produce the first LNG cargo from Scarborough gas in 2026. "The Scarborough reservoir contains only 0.1% carbon dioxide, and Scarborough gas processed through the efficient and expanded Pluto LNG facility supports the decarbonization goals of our customers in Asia," Woodside CEO Meg O'Neill said. The Supreme Court of Western Australia recently dismissed an environmental challenge against the Pluto LNG project.

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Woodside wins key approvals for Australia's Scarborough gas project