NWS fifth LNG train decision due By Q4 2003

Australian oil and gas company Woodside Petroleum said Thursday it continues to target the fourth quarter of 2003 for a decision on a fifth train expansion of its North West Shelf liquefied natural gas joint venture in Western Australia, Dow Jopnes`reported.

The target for a decision appears in notes for a briefing to be presented to Merrill Lynch & Co. by Woodside's chief financial officer Doug Bailey.

The prospects for a fifth train expansion at the Shelf were boosted earlier this month by news of a long term LNG sales deal with South Korea's Kogas.

A fifth processing train would supplement a fourth train that is now under construction at the North West Shelf. Once completed in mid-2004, the fourth train will add a further 4.2 million metric tons a year to LNG production capacity.

The fourth train expansion is 56 percent complete. The estimated cost remains 2 percent over budget of A$1.447 billion.

NW Shelf is one of Indonesia's closest competitors in Asia-Pacific LNG market.

The NW Shelf is an equal six-way joint venture comprising Woodside as operator, with BHP Billiton, BP PLC, ChevronTexaco, Royal Dutch/Shell Group Ltd. , and Japan Australian LNG, itself a joint venture between Mitsubishi Corp. and Mitsui & Co.(*)