Woodside has accepted an offer from Japan Australia LNG (MIMI Browse) Pty Ltd (MIMI) to purchase a minority portion of its equity in the proposed Browse LNG Development in western Australia for US$2 billion with an effective date of Jan. 1, 2012. MIMI is to take a 16% interest in the East Browse joint venture (JV) and 8% interest in the West Browse JV, giving it an estimated 14.7% interest in the Browse development. Woodside's assumed unitized interest in the Browse liquefaction and export project would fall from 46% to 31.3%. Woodside would remain operator of the development. Woodside has also accepted an offer from MIMI for a long-term sales and purchase agreement for about 1.5 million metric tons of liquefied natural gas (LNG) per year from the Browse development. The price was said to be in line with "traditional Asian pricing for conventional LNG projects." The parties will jointly market co-mingled LNG volumes to the Asian market, primarily Japanese customers, Woodside said.
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