MENU

Australia’s biggest oil and gas project gets a $5 billion makeover

Woodside Petroleum (ASX: WPL) investors have reason to celebrate after Monday’s announcement that its North Rankin Redevelopment Project is officially pumping gas. At $5 billion, the project extends the lifetime of Australia’s largest operating oil and gas operation, the North West Shelf Project.

“Start-up is a major milestone given the complexities of integrating a new 65,000 tonne facility next to an existing offshore production platform,” said Woodside CEO Peter Coleman in a statement today. On time and on budget, the project refurbished and modified the existing North Rankin A platform, while adding on a new North Rankin B platform. The new installation is expected to open up around 5 trillion cubic feet of low pressure recoverable gas.

The project is split evenly between six different corporations, each with 16.7% ownership. In addition to Woodside, BHP Billiton (ASX: BHP), BP Developments Australia, Chevron Australia, Japan Australia LNG, and Shell Development (Australia) all have stakes in the continued success of the project.

There’s a reason natural gas is expanding. Limited oil supply and growing demand mean oil prices are likely to rise over time. Position yourself to profit from this trend now, with The Motley Fool’s brand-new FREE research report, “3 Oil Stocks to Send Your Portfolio Gushing Higher”.

More reading


Motley Fool contributor Justin Loiseau has no position in any stocks mentioned in this article. You can follow him on Twitter @TMFJLo.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.