Woodside 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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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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