Woodside to Start Work on Pluto LNG Project

Australia's Woodside Petroleum Ltd reported it has been given the green light to start work on its 12 billion Australian dollar Pluto liquefied natural gas project in northwestern Australia after the federal government gave environmental approval for the development, according to a report by Forbes. Woodside, which is 34 percent owned by Royal Dutch Shell, said this is the last of the key state and federal environmental and heritage approvals required for the project to proceed. Woodside has already signed 15-year sales agreements worth billions of dollars with Japan's Tokyo Gas and Kansai Electric, totaling up to 3.75 million tons of LNG a year. It expects to sell the remaining output through additional term contracts or spot sales. First delivery is expected in late 2010. (Source: Forbes)