The troubled West Australian development was to open last year. It is now not expected to begin production until 2025, the Stokes-backed company said.
Already a subscriber?Beach Energy’s troubled Waitsia gas project in Western Australia will cost as much as $1.3 billion to get off the ground, putting the final construction estimate for the development at almost double the original forecast.
It was originally estimated at between $700 million and $800 million when Beach and Mitsui committed to building the plant in December 2020. The cost overrun provides an early test in the market for new Beach chief executive Brett Woods, who has only been in the job since late January. It comes less than two weeks since Mr Woods announced a strategic review of the company and target to slash staff numbers by 30 per cent.
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