Yet another proposed natural gas import project off the Southern California coast has fallen through as Australia oil and gas giant Woodside Petroleum Ltd. said Thursday it was dropping plans for an offshore buoy and pipeline system due to changing market conditions.

Three years ago, as natural gas prices were rising and shortages loomed, subsidiary Woodside Natural Gas Inc. proposed its OceanWay project, which would have ships dock at two buoys about 20 miles west of Los Angeles International Airport and then deliver natural gas through undersea pipelines.

At the time, four other proposals to import natural gas to Southern California were in the planning stages. Two of those involving major liquefied natural gas terminals were dropped in 2007 amid intense environmental opposition one in Long Beach harbor and one off the Ventura County coast.

And since then, natural gas prices have fallen and local supplies have been boosted with the completion of a major Sempra Energy natural gas terminal near Ensenada in Baja California last year.

In December, Woodside announced it was scaling back its project and sought a six-month delay in its application process. On Thursday, Woodside Natural Gas President Steve Larsen said in a press release that the company was withdrawing its applications with the U.S. Coast Guard and the city of Los Angeles. “We must acknowledge the impact of the current market and have notified the regulatory agencies that we are withdrawing our application for the time being,” he said.

Woodside’s withdrawal leaves only two projects in planning stages: one from Crystal Energy LLC, a subsidiary of NorthernStar Natural Gas Inc., off the Oxnard coast, and one from Esperanza Energy LLC, a subsidiary of Tidelands Oil & Gas Corp., off the Long Beach coast.