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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Woodside Petroleum Limited    WPL   AU000000WPL2

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Australia Oil Fields Restarting After Passage Of Cyclone Lua

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03/19/2012 | 07:44am CEST

Several oil fields off the north west coast of Western Australia have begun to restart production Monday following the passage of Cyclone Lua over the weekend.

Australia's Woodside Petroleum Ltd. (>> Woodside Petroleum Limited) has recommenced production from the Enfield oil field off the North West Cape, the company said in a statement.

But production at the Vincent oil field off the North West Cape and the Cossack, Wanaea, Lambert and Hermes fields on the North West Shelf remain offline, the company added.

U.S.-based Apache Corp. (APA) is remobilizing its Stag oil platform and other drilling operations affected by Lua, the company said.

Production remained online at all other facilities during the passage of the cyclone, it added.

Santos Ltd.'s (>> Santos Limited) Mutineer-Exeter floating production storage and offloading vessel is back on location and "going through the reconnection process," a company spokesman said.

It is too early to say when production will resume, he added.

Lua crossed the Pilbara coastline Saturday, dumping heavy rainfall and generating high winds, but there were no reports of significant damage to mining and oil projects in the region.

-By Stephen Bell, contributing to Dow Jones Newswires; 61-8-9244-4243

Stocks mentioned in the article : Santos Limited, Woodside Petroleum Limited
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Financials ($)
Sales 2017 4 291 M
EBIT 2017 1 800 M
Net income 2017 1 107 M
Debt 2017 4 620 M
Yield 2017 4,34%
P/E ratio 2017 18,04
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EV / Sales 2017 5,81x
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Average target price 25,4 $
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