Woodside Managing Director John Akehurst said on behalf of the Venture that the decision demonstrated that the Government understood the importance of providing an investment regime for new oil and gas projects which is internationally competitive.

"We are pleased that the Government has recognised that implementation of the extremely long write-off periods previously being proposed would have made it very difficult for Australia to compete against other low-cost suppliers and capture new liquefied natural gas sales contracts in Asia," he said.

"We therefore congratulate the Minister for Industry, Tourism and Resources, Mr Macfarlane, and his colleagues, for recognising the competitive pressures which exist in the gas industry around the world and for responding accordingly."