Woodside launches $2.5bn equity raising  

Posted by Big Gav in , , , , ,

The Business Spectator has an article on cost blow outs at Woodside and Exxon LNG plants - Woodside launches $2.5bn equity raising.

Woodside's decision to tap investors comes after a cost blow-out of up to $1.1 billion at its Pluto LNG project because of slower construction work. ...

Woodside said in November that it would cover the Pluto budget blow-out via the debt markets, asset sales and underwriting of its dividends. The company also said at the time that it may boost its stake in the joint venture Browse project if it could not agree on a development plan with its partners.

The project is currently 82 per cent complete and on track to deliver first LNG shipments in 2011, with a production capacity of 4.3 million tonnes per year.

Pluto is now the second LNG project in the Asia-Pacific region to see costs rise – a trend that could also haunt the other Australian LNG projects. ExxonMobil Corp, which approved its LNG project in Papua New Guinea last week, has raised the forecast cost for the project by about 15 per cent to $15 billion.

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