Woodside Energy is forging ahead with its Browse liquefied natural gas project in Australia, although it admits the multi-billion dollar mega-development will not leave the drawing board if it cannot be shown to meet in-house targeted return on investment.

“Our expectation for LNG is a 12% rate of return at a long-term price outlook. So even though the near-term prices are quite high, we can’t let that cloud our thinking about how the long term will play out,” Woodside chief executive Meg O’Neill said.