Woodside Petroleum (WPL) is Australia’s largest oil and gas explorer and producer, and one of the world’s leading producers of liquefied natural gas (LNG).

Based in Perth, WPL has major operational assets and exploration and development interests in five continents, but predominantly Australia and the United States

WPL was involved in takeover speculation yesterday after BHP Billiton (ASX:BHP) was rumoured to be preparing a $47 billion takeover offer.

News reports suggested that BHP would purchase Shell’s 34% stake, in WPL in return for giving up some of its assets, such as the Sunrise gas field.

According to the reports, BHP would then make a formal offer for all of WPL’s shares once the stake is acquired.

BHP and Woodside Petroleum denied the rumours and it is unclear whether the deal would receive regulatory approval.  WA premier, Colin Burnett, immediately signalled his opposition to any bid.

WPL has been one of the hot stocks in recent weeks, with its gains coming mostly on the BHP takeover rumours.

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