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Woodside flags more Pluto LNG production delays

The Woodside Petroleum Limited (ASX: WPL) share price could come under pressure today after the group told investors its key offshore WA Pluto LNG-producing asset is now not expected to return to production until the end of June 2019.

Woodside blamed the additional delay on a mixed refrigeration compressor “experiencing vibration on restart”.

As a result it now expects calendar year 2019 production to be at the lower end of prior guidance between 88 million to 94 MMboe, with Pluto LNG still only contributing a relatively small amount of total production across other assets including its North West Shelf and Wheatstone LNG projects.

Woodside shares are up around 15% over the course of 2o19 thanks to rising energy prices on geopolitical uncertainty, with it expecting the “global LNG trade to double” over the next 20 years largely on the back of rising demand from energy-hungry Asian countries. 

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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned.

You can find Tom on Twitter @tommyr345

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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