Woodside Petroleum’s controversial $45 billion has become the next resources super-project to be shelved after the company announced the project failed to meet the company’s ‘requirements for a positive final investment decision’.

With Woodside pulling the pin on its 34 per cent stake in the project will now almost definitely see it either shelved indefinitely or cancelled outright.

The announcement was made after the company conducted an extensive evaluation of the project, which would have seen a massive LNG plant built in the pristine areas of Western Australia’s James Price Point, north of Broome.

The evaluation concluded that the project would be financially unviable for the company were it to continue.

“Woodside will propose to the Joint Venture a work program and budget for the remaining 20 months of the Retention Leases with a commitment to the timely development of the Browse resources,” the company said on a statement to the ASX.