Woodside Energy on Monday released a Deloitte Access Economics assessment estimating that the Browse to North West Shelf (NWS) Project could generate a long-term uplift of A$141 billion (US$102 billion) in Australia’s gross domestic product and A$147 billion (US$106 billion) in gross state product for Western Australia.
The report estimates the project could also deliver A$56.2 billion (US$40.6 billion) in taxes, royalties, and excise, including A$19.8 billion (US$14.3 billion) in petroleum resource rent tax.
According to the modelling, the project could support up to 4,760 direct and indirect full-time equivalent jobs across Australia during peak operations, with around 80% of the economic benefits expected to flow to industries outside the oil and gas sector, including construction, services, and public services.
Woodside CEO Liz Westcott described Browse as a major strategic energy project for Australia.
“Browse is Australia’s biggest undeveloped offshore gas resource and represents a major opportunity for the nation at a time when energy security matters more than ever,” Westcott said.
The company said Browse gas could help stabilize Western Australia’s electricity system as renewables capacity expands, while also supporting energy-intensive industries such as critical minerals processing and advanced manufacturing.
The proposed Browse to NWS Project would transport gas from the Calliance, Torosa, and Brecknock offshore fields to the Karratha Gas Plant through a roughly 900-kilometer pipeline connected to two floating production storage and offloading facilities.
The project is expected to produce 11.4 million tonnes per year of LNG, LPG, and domestic gas, along with peak condensate output of 50,000 barrels per day.
Woodside said a carbon capture and storage component incorporated into the project design is expected to reduce greenhouse gas emissions by 53 million tonnes of CO2 equivalent compared with the project’s 2019 Scope 1 emissions estimate.
The project remains in the concept definition phase as Woodside works toward front-end engineering and design entry.
Separately, Reuters reported that the project’s capital expenditure is now estimated at A$48.7 billion (US$35.2 billion), up from a 2019 estimate of A$27.3 billion, reflecting revised assumptions and the addition of a major CCS component. If confirmed, the revised price tag would make Browse one of the largest energy developments in Australian history by capital expenditure.
By Charles Kennedy for Oilprice.com
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