The approvals remain valid until 2070, which give Woodside and its partners plenty of scope to develop the project, which remains very much uncertain given both the high costs involved and the current LNG supply glut.
The company's retention leases over the Calliance, Brecknock and Torosa fields are valid for five years, and the federal government has previously indicated it is open to cancelling the leases over the field if development of the fields doesn't begin and it believes the Browse project is viable.
Browse is in front-end engineering and design, with studies heavily leveraged to Shell's experience in developing the Prelude FLNG project.
Woodside is keen to take a final investment decision in mid-2016 to target what it sees as a supply gap opening in the market early in the next decade, but the company needs to convince its joint venture partners - Shell, BP, Petrochina, Mitsubishi and Mitsui - that Browse is viable and robust.
The Western Australian government now needs to sign off on its approval.
The state stands to reap billions in payments thanks to its increased exposure to the Torosa field, more than half of which now sits in state waters after the state/federal border was re-drawn.
The federal approval comes with 26 conditions, most of which are aimed at protecting Scott Reef and whale migration pathways.
Woodside will also have to monitor greenhouse gas emissions from the project.
The full development is expected to require three FLNG facilities and 64 production wells.
The Browse FLNG development proposes to commercialise the three fields that are estimated collectively to contain gross contingent (2C) resources of 15.4 trillion cubic feet of gas and 453 million barrels of condensate.
The project is targeting up to 11.7 million tonnes per annum of LNG and 66,000 barrels of condensate per day over a 40-50 year life with a potential start up expected in late 2021 at the earliest.
Browse is effectively the last discovered but undeveloped mega LNG project left to develop in WA once Gorgon, Wheatstone, Prelude and Ichthys are complete.
Inpex last week revealed that the construction schedule for its $US34 billion Ichthys is running about three months behind schedule due to construction bottlenecks, although it is believed to still be within budget.
Despite the delays, Inpex says the project, which is also located in the Browse Basin, is still on target to start commercial production by the end of next year.
Chevron Corporation's Gorgon project has probably seen its first production slip into 2016, and there is an expectation that Wheatstone near Onslow will also struggle to meet its $US29 billion budget and 2016 start-up.
Woodside will release its full year results tomorrow.
