BRIEF-Woodside Petroleum updates on Browse LNG agreement with MIMI

Jan 2 (Reuters) - Woodside Petroleum Ltd WPL.AX :

* Japan Australia lng (mimi browse) has given co notice terminating sales and purchase agreement

* Regarding woodside's sale of equity in browse lng development, spa was conditional upon final investment decision on browse being taken by 31 December 2013

* Agreement with mimi to jointly market co-mingled lng to the Asian market has not been terminated

* Source text for Eikon News Search ID:nASXbgNQkD

((For more news, please click here Href="NewsSearch">WPL.AX ))

((Bangalore Newsroom; +91 80 6749 1130)) PERTH, Jan 2 (Reuters) - Japan Australia LNG (MIMI) Pty. Ltd, a 50-50 joint venture between Mitsui & Co 8031.T and Mitsubishi Corp 8058.T , has terminated a long term sales and purchase agreement with Woodside Petroleum for liquefied natural gas (LNG) from its Browse LNG project, Woodside said Thursday.

The termination of the agreement follows Woodside's decision earlier this year to scrap plans for an onshore Browse LNG plant in favor of a floating LNG plant.

The sales agreement, which would have supplied MIMI with 1.5 million tonnes of LNG a year, was conditional on Woodside making a final investment decision on the Browse project by the end of 2013.

Woodside recently said it plans to begin front end engineering and design work on the Browse LNG project in mid-2014 and make a final investment decision in the second half of 2015.

MIMI's agreement to jointly market Browse LNG to the Asian market is still in place.

(Reporting by Rebekah Kebede; Editing by Richard Pullin)

((rebekah.kebede@thomsonreuters.com)(+61 402 974 273)(Reuters Messaging: rebekah.kebede.thomsonreuters.com@reuters.net))

Keywords: WOODSIDE MIMI/