AAP General News (Australia)
04-20-2011
FED:Woodside boss says Timor needs LNG project
PERTH, April 20 AAP - Woodside Petroleum chief executive Don Voelte has used his last
annual general meeting with the energy giant to express dismay at the stalemate with the
East Timor government over the stalled Sunrise development.
East Timor's government has effectively blocked the planned liquefied natural gas project
in the Timor Sea because it wants a processing plant built on its shores, rather than
Woodside's preferred floating vessel concept.
Mr Voelte said East Timor needed the project to its boost economic growth and its refusal
to back the plan was disappointing.
The oil and gas giant could sell the asset, but it was not the company's way to give up.
"There's not a government official up there that personally I don't like but when you
take a look at all the failures they've had with their E&P (exploration and production)
industry outside of Sunrise - nine straight dry holes, people have walked away from the
concessions etcetera - they need, let me repeat, they need Sunrise," Mr Voelte told reporters
after the meeting on Wednesday.
MORE rlm/dlm/apm
KEYWORD: WOODSIDE SUNRISE
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