Australia's Woodside Petroleum said Monday participants in the North-West Shelf venture had approved a 5.0 billion dollar (4.6 billion US) investment to extend the life of the gas operation. The project will recover the remaining low-pressure gas from the North Rankin and Perseus gas fields off the north-west coast of Australia, said Woodside, the operator of the venture.
"This project will extend the field life of the North Rankin and Perseus fields and will support the venture's onshore gas commitments to supply customers post 2013," said company chief executive Don Voelte.
Woodside has an equal share in the project with the five other participants: BHP Billiton, BP, Chevron, Royal Dutch Shell, and Japan Australia LNG (MiMi) Pty Ltd. The project will include the installation of a second platform in about 125 metres of water and include gas compression facilities, utilities and new living quarters.