Subject: Sunrise Gas Project in Timor Sea May Be Delayed, Review Says

Top Financial News Fri, 03 Jan 2003, 4:32pm EST

Sunrise Gas Project in Timor Sea May Be Delayed, Review Says By Angela Macdonald-Smith

Darwin, Australia, Jan. 3 (Bloomberg) -- Woodside Petroleum Ltd.'s Sunrise natural gas project in the Timor Sea faces ``substantial'' delays and may not start until 2010, the Australian Financial Review reported, citing Tim Warren, chairman of Royal Dutch/Shell Group in Australia.

The Sunrise partners, which include Shell, ConocoPhillips and Osaka Gas Co., last month rejected a $3.3 billion proposal by ConocoPhillips to pipe the gas ashore for sale in Australia, as well as Shell's plan to sell Sunrise liquefied natural gas solely in North America. They said they would look instead for customers in Asia to supplement the U.S. market, raising expectations the project wouldn't meet its 2007-08 first production target.

The project will set up a new marketing team early this year to seek gas customers in Japan, China, Korea, Taiwan and India, and study potential opportunities in Pakistan and Vietnam, the Review reported. That will put it in competition with the North West Shelf gas venture, in which Woodside and Shell also hold interests, it said.

(Australian Financial Review 1-3 41)

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