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Woodside considers Pluto exchange



By Upstream staff 

Australia's largest independent oil and gas producer Woodside Petroleum could swap a stake in its planned A$10 billion ($8.24 billion) Pluto liquefied natural gas project for assets serving the faster-growing Atlantic market, local media reported today.

The company had received "very interesting offers" for its stake in the Pluto project off Australia's north-western coast, chief executive Don Voelte was quoted as saying in The Sydney Morning Herald.

"Pluto would never get sold for cash; we would want something of great value in return for it," Voelte said.

Woodside may either swap a stake in Pluto for a share in a venture that supplies LNG to Europe and the US or develop its own project for the Atlantic market through exploration.

Perth-based Woodside in December approved an initial A$1.4 billion spending on its 100%-owned Pluto project and is due to decide on final approval for the development by August.

"At least until the final investment decision you should not expect anything," said Voelte.

The Pluto project, estimated to hold 4.1 trillion cubic feet of gas, would have a processing capacity of five to six million tonnes per year and the company has sought approvals for up to 12 million tonnes per year to allow for expansion.

Pluto is targeting first deliveries to Japan by late 2010.


Thursday, 03 May, 2007, 02:14 GMT  | last updated: Thursday, 03 May, 2007, 02:34 GMT

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