Woodside Petroleum (ASX:WPL), the Australian petroleum exploration and production company, has delayed its decision on the proposed expansion of the Pluto LNG project despite announcing a half yearly profit of nearly $1 billion.
Company profits are up by 40% compared to figures for the same period last year, however the company is being very cautious.
As per mining analyst Peter Strachan, the delay in investment should not really concern investors, but the media is reading more into the decision. The CEO of Woodside Don Voelte said that the approval of a second processing train at Pluto by the end of the year was dependant on finding enough gas.
Considering that the company has found two gas intersections in the past week most would have considered a decision already taken. The decision is now postponed until 2011.
Exploration and development activities are ongoing in a number of regions outside of Australia including the Gulf of Mexico.