The JV's development case for Sunrise has been for a FLNG for a...

The JV's development case for Sunrise has been for a FLNG for a long time so I doubt if an Onshore facility would meet WPL's hurdle rate given the development costs these days & lessons learnt from building Pluto.

Having already sold down their equity in this field to Conoco (21.666%) & Osaka Gas (10%) from 66.666% to 35% IMHO dont know if increasing Equity adds additional value to the Commercials (i.e payback/ returns etc) other then a higher share of development costs first-up before cashflow starts. 

Need more clarity on this development in their next Conference call. On the other hand, delays in developing this Field has also cost the locals extra Royalties had both Sunrise and Bayu-Undan come online at the same time early in the last decade.The stand-off continues ...