MELBOURNE, March 23 (Reuters) - Woodside Petroleum WPL.AX and its partners have shelved the long-delayed Browse floating liquefied natural gas (LNG) project in the face of a global oversupply that has driven Asian prices down 80 percent over the past two years.
"Woodside remains committed to the earliest commercial development of the world-class Browse resources and to FLNG as the preferred solution, but the economic environment is not supportive of a major LNG investment at this time," Woodside said in a statement to the Australian stock exchange.
Woodside, with a 30.6 percent stake, has been the operator of the project. Its partners are Royal Dutch Shell RDSa.L , BP Plc BP.L , Japan's Mitsui & Co 8031.T and Mitsubishi Corp 8058.T and PetroChina 601857.SS .