Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Woodside Targets Cyprus In Gas Joint Venture

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/14/2012 | 10:30am CEST

--Woodside forms Cyprus venture with Delek, Enel, Edison

--Venture to bid for exploration blocks

--CEO says LNG a likely development path

(Adds composition of Cyprus joint venture in third paragraph; CEO comments on Cyprus from fifth paragraph; update on Pluto LNG expansion from eighth paragraph.)

By David Winning and Ross Kelly

Of

Woodside Petroleum Ltd. (>> Woodside Petroleum Limited) has joined a consortium to bid for natural gas exploration blocks offshore the Mediterranean island nation of Cyprus, Chief Executive Peter Coleman said Monday, in the latest sign of international interest in an emerging energy province following a series of big discoveries.

Mr. Coleman told a conference that the bid plans reflected a desire to expand Woodside's global footprint to balance better its scale in Australia, where it operates two multi-billion dollar gas-export projects--the North West Shelf and Pluto--with ambitions to lead the development of two more.

Woodside will join Israel's Delek Group Ltd., Italy's Enel Trade SPA and France's Edison International SPA in the bid consortium, of which the Australian company holds a 30% stake.

Interest in the eastern Mediterranean's potential has grown following the discovery of the Tamar and Leviathan fields, estimated to contain up to 9 trillion cubic feet of natural gas and 16 trillion cubic feet, respectively, offshore Israel in recent years by Woodside's competitors.

Coleman said it was too early to tell if Cyprus will house Woodside's next big energy development outside Australia.

"It's simply bidding on some exploration acreage," he told reporters.

"It's an emerging basin that's very close to market, and it's very close to those premium European markets."

Coleman said that the most likely development path for the gas would be to chill it for export by constructing a new liquefied natural gas plant. Cyprus has already identified a site where it would like an LNG plant to be situated. Woodside's capabilities may "play well" to the development of large discoveries offshore Israel too but no commercial discussions have taken place in that regard, Coleman said.

Separately, the executive said Woodside still hasn't discovered enough gas to underpin a desired expansion of its A$14.9 billion Pluto project in Western Australia state. "The drilling program hasn't delivered on what we hoped a couple of years ago. We've got a few more wells to drill, and in about the third quarter we'll decide whether we need to take a break or not," Coleman said.

Woodside is also talking to potential third party suppliers to the project. Analysts have speculated that Hess Corp. (HES) or the Scarborough joint venture between BHP Billiton Ltd. (>> BHP Billiton Limited) and ExxonMobil Corp. (XOM) are considering processing their gas through LNG projects on the coast operated by Woodside and Chevron Corp. (CVX).

-By David Winning and Ross Kelly, Dow Jones Newswires; +61-2-82724688; [email protected]

(MORE TO FOLLOW) Dow Jones Newswires

05-14-12 0429ET

Stocks mentioned in the article : Woodside Petroleum Limited, BHP Billiton Limited
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WOODSIDE PETROLEUM LIMITED
06/21 WOODSIDE PETROLEUM : 21.06.2017 Senegal Reaffirms Completion of Transaction
06/13 Qatar crisis to speed the rise of Asia's spot LNG trade
06/09 FAR : Response to Woodside Senegal Announcement
06/09 CAIRN ENERGY : Partner dispute hits Cairn Senegal plan
06/08DJWoodside Warns Dispute Could Delay Senegal Oil Project
06/08 WOODSIDE PETROLEUM : 08.06.2017 Offshore Senegal Development Update
06/06 WOODSIDE PETROLEUM : seals Indon LNG supply deal
06/06 WOODSIDE PETROLEUM : 06.06.2017 Long-Term LNG Sale and Purchase Agreement with P..
05/29 WOODSIDE PETROLEUM : 29.05.2017 RAP Media release
05/23 WOODSIDE PETROLEUM : 23.05.2017 Investor Briefing Day 2017
More news
Sector news : Oil & Gas Exploration and Production - NEC
06/22 Canada's Cenovus facing tough market for critical asset sales
06/21 Norway offers record number of blocks for Arctic oil exploration
06/20DJWHAT'S NEWS : Business & Finance -- WSJ
06/19 EQT : Oil and gas producer EQT to buy Rice Energy in $6.7 billion deal
06/13DJCorrection to Energy Companies Story
More sector news : Oil & Gas Exploration and Production - NEC
News from SeekingAlpha
05/31 Woodside Petroleum (WOPEF) Investor Presentation - Slideshow
05/31 Double Digit Opportunities Coming In Oil
05/23 Woodside Petroleum (WOPEF) Investor Presentation - Slideshow
05/23 Woodside Petroleum sees production growing 15% by 2020
04/20 Woodside Petroleum Ltd. ADR reports Q1 results
Advertisement
Financials ($)
Sales 2017 4 150 M
EBIT 2017 1 724 M
Net income 2017 1 047 M
Debt 2017 4 666 M
Yield 2017 4,59%
P/E ratio 2017 17,56
P/E ratio 2018 15,92
EV / Sales 2017 5,61x
EV / Sales 2018 4,96x
Capitalization 18 614 M
More Financials
Chart WOODSIDE PETROLEUM LIMITED
Duration : Period :
Woodside Petroleum Limited Technical Analysis Chart | WPL | AU000000WPL2 | 4-Traders
Full-screen chart
Technical analysis trends WOODSIDE PETROLEU...
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 25,0 $
Spread / Average Target 13%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Peter John Coleman Chief Executive Officer, MD & Executive Director
Michael Alfred Chaney Chairman
Michael Utsler Chief Operating Officer
Lawrence John Tremaine Chief Financial Officer & Executive Vice President
Shaun Gregory Chief Technology Officer & Senior Vice President
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
WOODSIDE PETROLEUM LIM..-5.97%18 614
CONOCOPHILLIPS-10.63%55 459
EOG RESOURCES INC-13.17%50 678
CNOOC LTD-11.71%48 765
OCCIDENTAL PETROLEUM C..-15.60%45 967
WILLIAMS PARTNERS LP-1.10%36 577
More Results