SYDNEY, May 12, 2026, 08:57 AEST
- The price tag on Woodside’s Browse LNG project has ballooned to A$48.7 billion—almost twice what the company projected back in 2019.
- Australian regulators are closing in on a verdict for the much-delayed gas plan, just as the update arrives.
- The project has the potential to remake Western Australia’s gas landscape; still, policy hurdles and environmental risks linger.
Woodside Energy Group’s Browse LNG project, years behind schedule, is now pegged at a price tag of A$48.7 billion (roughly $35.2 billion), based on a Deloitte Access Economics report prepared for the company. LNG, or liquefied natural gas, is regular gas cooled into a liquid to allow transport by ship.
The cost is back in focus as Browse approaches a regulatory hurdle, ending a stretch of setbacks. Long stalled by environmental sign-offs and talks over processing arrangements, the project targets Australia’s top undeveloped offshore gas field.
Woodside frames Browse as an economic engine for Australia and a boost to energy security. According to the company, Deloitte’s analysis projects a national GDP increase exceeding A$141 billion if the project moves ahead, along with an estimated A$56.2 billion in taxes, royalties and excise.
Liz Westcott, the chief executive, called Browse a “major opportunity” for Australia, especially now, with “energy security” taking on new importance. She stressed the project’s potential to “support thousands of Australian jobs” and said it could also help manage both the cost and risk tied to the energy transition.
The latest estimate sits against the 2019 number of A$27.3 billion. According to Reuters, this new figure factors in a different base year and set of assumptions. Woodside’s scope has shifted, too, after adding a carbon capture and storage (CCS) piece in 2023. CCS involves capturing CO2 emissions, then injecting them underground instead of letting them escape into the atmosphere.
Woodside aims to transport gas from the Calliance, Torosa, and Brecknock fields via a pipeline stretching about 900 kilometres to the Karratha Gas Plant. The proposal relies on two floating production, storage and offloading units, with expected output hitting 11.4 million tonnes per year—LNG, LPG and domestic gas combined.
The company claims its carbon capture initiative could slash 53 million tonnes of carbon dioxide-equivalent emissions versus the project’s Scope 1 output for 2019. Scope 1 covers emissions coming straight from a company’s own activities.
The road forward isn’t straightforward. Environmental advocates warn the project poses risks to Scott Reef, home to endangered pygmy blue whales and green turtles. ABC says Environment Minister Murray Watt could get the final recommendation on Browse’s fate as early as next month.
This project is tangled in a wider debate over Australian gas policy. Last week, Canberra announced that from July 2027, LNG exporters on the east coast—including those run by Origin Energy, Shell, and Santos—will have to set aside 20% of gas output for the domestic market. Rystad Energy’s Masanori Odaka warned the rule could “reduce incremental Australian LNG supply growth.” Reuters
Approval would give Woodside a way to supply the aging North West Shelf LNG plant, now expected to run through 2070. BP, Mitsui & Co, Mitsubishi, and PetroChina’s overseas unit are all partners on Browse.
Woodside finished Monday’s session at A$30.51 on the ASX, climbing 1.53%. Even with the rebound before trading resumed Tuesday, shares remain lower for the week, and investors continue to watch project expenses, regulatory sign-offs, and LNG prices.
