Woodside Energy gains priority for $48.7B project

• The Western Australian government declared Woodside Energy’s Browse gas project a state significant development.
• An independent assessment estimates the project could deliver a $141 billion boost to national gross domestic product.
• Woodside Energy intends to process offshore gas using existing North West Shelf infrastructure to secure a regional domestic supply.

The Western Australian government granted state significant status to the $48.7 billion Browse Project from Woodside Energy (ASX:WDS).

The status gives the development the highest priority level under state agency approval frameworks.

An independent assessment estimated the project could deliver a $141 billion national gross domestic product uplift.

Woodside stated that the development is expected to generate approximately $56 billion in taxes and royalties.

The company also noted that the project is expected to support up to 4,760 jobs.

Following the announcement, the Woodside Energy share price was down at $31.26.

Browse represents Australia's largest undeveloped conventional gas resource, located off the coast of Western Australia.