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Woodside Petroleum Makes 2nd Gas Discovery in as Many Days

In what must be an extremely satisfying exploratory run Woodside Petroleum (ASX: WPL) has made a second gas discovery off the northwest coast of Australia within two days. The future investment in the Pluto Project which was earlier up for consideration is now a foregone conclusion.

The Larsen Deep well intersected about 50 meters of gas at the Alaric prospect. The Perth Based Woodside Petroleum is Australia's second largest oil and gas producer. Nik Burns a senior oil, gas and energy analyst with RBS Morgans said that the gas discovery would go a long way in allaying shareholders fears that Woodside may defer its investment decision.

An expansion of the $13 billion Pluto LNG project is now definitely on the cards and the shares of Woodside Petroleum are reflecting the mood. Reaching a six week high the shares are enjoying an upswing after the two back to back announcements of gas discovery.

U.S. based Chevron Corp. was responsible for turning the focus on the region with a big discovery off Western Australia's coast with its Acme well in the Carnarvon Basin. It is also looking to expand its Wheatstone venture.

Woodside shares will open at $43.05, Wednesday 18th August 2010.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.


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