BHP Billiton’s president Tim Cutt said lower oil prices have slowed down the development of the Scarborough FLNG project in Australia.
Cutt told reporters that the liquefied natural gas project BHP is pursuing with its partner, ExxonMobil, is not moving along as quickly as it was last year but it remains an important asset that will be developed at the right time, Bloomberg reports.
In September 2014, Cutt said that the Scarborough project could become the largest FLNG development. The JV has commenced the environmental referral process for an FLNG development option for the gas field. Scarborough, discovered in 1979, is located off the coast of Western Australia approximately 220 kilometers northwest of Exmouth in 900 meters of water.
He expects the oil market to stabilize in the next couple of years adding that the drop allowed the company to invest is U.S. shale acreage.
LNG World News Staff; Image: ExxonMobil