Blue Chip Shares News Woodside Petroleum (WPL)

Woodside Petroleum (WPL) Shares | Blue Chip Shares NewsWoodside Petroleum is Australia’s leading oil and gas exploration company, and is 24% owned by global energy giant Shell Australia.

The company sells natual gas, liquefied natural gas (LNG), crude oil, condensate and liquid petroleum gas (LPG) globally. WPL is considered one the markets blue chip shares.

WPL produces the equivalent of around 65 million barrels of oil a year, much of it from the lucrative North-West Shelf area off the WA coast – the largest LNG field in the country.

The company has significant growth prospects through its Pluto, Browse and Sunrise projects.

Last week Woodside provided an update on its Pluto project, revealing a delay and cost blowout at Pluto.

The shock six-month delay and additional $900 million cost overrun to $14.9 billion for the project saw WPL get smashed.

This pushes gas shipments to Japan from September this year to March 2012.

WPL says the delay has been caused by seven weeks of bad weather and slower than expected progress on the commissioning of the onshore LNG plant.

WPL shares finished Friday’s session down 3.8%.

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