Woodside Natural Gas (wpl.ASX:Quote,News) president Steve Larson said the company was suspending the proposed natural gas import project for the Los Angeles region because current conditions "were not right'' for the development.
"We still believe in the long term value of liquefied natural gas as a new source of clean, reliable and secure energy for Los Angeles,'' Mr Larson said.
"But we must acknowledge the impact of the current market, and have notified the regulatory agencies that we are withdrawing our application for the time being.''
The OceanWay project design included an offshore ship and buoy system to deliver natural gas by ship far removed from population centres and shipping lanes.
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