Woodside Petroleum to raise A$2.5 billion to finance LNG projects
14 Dec 2009
Australian oil and gas exploration and production company, Woodside Petroleum Ltd is raising A$2.5 billion through an equity offer to develop its liquefied natural gas projects and achieve its aim in becoming the world's biggest producers of liquefied natural gas by 2015.
Based in Perth, Western Australia, Woodside said today that it is raising A$2.5 billion through share sale where, the company will offer one new share for every 12 at $42.10 a share.
Royal Dutch Shell, which holds a 34-per cent stake in Woodside, will take up its entitlement in full for about A$862 million.
In 50 years, Woodside has grown from a oil and gas explorer to Australia's largest independent producer of oil and gas. It operates Australia's largest resources project, the North West Shelf Venture in Western Australia, which produces about 40 per cent of Australia's oil and gas.
The North West Shelf Venture is the third biggest LNG producer in the world and its share of equity LNG production will rise to 6.6 million tonnes by the end of 2010, with first gas from its Pluto LNG Project.
In 2008, Woodside commissioned the fifth LNG processing train at its North West Shelf facility. It is also progressing its Browse and Sunrise LNG developments in northern Australia.
