Investors applaud as Woodside ices $53b of LNG projects

Angela Macdonald-SmithSenior resources writer

Updated Mar 27, 2020 – 4.08pm, first published at 9.06am

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Investors have applauded Woodside Petroleum for taking what they see as the only feasible path with a brutal decision to put $53 billion of LNG growth projects in Western Australia on ice in response to the oil price crash.

The deferral of the Scarborough, Pluto-2 and Browse projects represents a turnaround from Woodside's previous determination to press ahead. But it comes after an unprecedented drop in oil prices which has combined with the demand shock from COVID-19 to wreck investment plans across the global industry.

Angela Macdonald-Smith writes on the resources industry with a focus on energy, including gas, oil, electricity and renewables.