Woodside May Sell Browse

Woodside Petroleum Ltd. (WPL), Australia’s second-largest oil and gas producer, may sell stakes in its Browse and Pluto liquefied natural gas ventures to help fund the developments as demand rises in Asia.

Coleman plans to develop an estimated A$75 billion ($79 billion) in Australian LNG projects with existing partners including BP Plc and Chevron Corp. (CVX) “It’s a matter of knowing how long to hold your cards,” said Coleman, declining to say when, or how much of the ventures, Woodside may sell. “I have a good hand.” Global trade in natural gas increased 10 percent last year from 2009 as energy use soared. Woodside completed an agreement in June that provided more than A$1 billion of benefits to indigenous groups in Western Australia and cleared the way for the Browse development.

Fuel on the market has been tight since the Fukushima nuclear disaster in Japan. After the March 11 Australian gas projects will benefit as countries delay nuclear power expansion plans earthquake and tsunami that crippled the Fukushima Dai-Ichi power station in Japan.

Sunrise may cost about $13 billion, according to the report. A$38 billion will cost Browse while a second Pluto processing unit may cost A$10 billion, Deutsche Bank AG estimated in a report this month. Woodside completed an agreement in June that provided more than A$1 billion of benefits to indigenous groups in WA. The accord gives the company access to land in the Kimberley region.