Santos, Oil Search of Better Value Than Woodside, JPMorgan Says  

Posted by Big Gav in , , , , ,

Bloomberg has an article on Australian natural gas and coal seam gas companies Woodside and Santos - Santos, Oil Search of Better Value Than Woodside, JPMorgan Says .

Santos Ltd. and Oil Search Ltd., which are developing liquefied natural gas projects in Asia Pacific, are of “superior” value to Woodside Petroleum Ltd., JPMorgan Chase & Co. said.

“Woodside is overvalued versus peers based on our capital expenditure estimates for its LNG projects, and also given greater uncertainties in LNG growth,” Mark Greenwood, a Sydney- based analyst for JP Morgan, said in a Jan. 22 note to clients.

Woodside, operator of Australia’s North West Shelf LNG project, is building a A$13 billion ($11.8 billion) LNG project in Western Australia, and planning new ventures at Pluto, Sunrise and Browse gas deposits.

“We do not think Browse and Sunrise are at a mature enough stage currently to secure heads of agreements, and timely exploration success is required for Pluto-2 to meet its target final investment decision date at the end of 2010,” Greenwood said. ...

East Timor will block Woodside’s plans to develop the Sunrise LNG plant, the Associated Press reported this month, citing a statement from Secretary of State Agio Pereira.

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