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woodside ceo likes png lng project

  1. 25 Posts.
    WPL CEO Don Voelte likes the Exxon led PNG project but can't get in cheap enough read on:

    SYDNEY -(Dow Jones)- Woodside Petroleum Ltd. (WPL.AU) Chief Executive Don Voelte said Thursday the company would like to invest in a liquified natural gas project planned to be built in Papua New Guinea by a consortium led by Exxon Mobil Corp. (XOM).

    However, Voelte said the company would only invest in the project at a low cost.

    "If I could find a way to get in at a low cost, which I can't, into the Exxon Mobil PNG, I'd like that gas stream a lot," Voelte said while responding to a question about the group's LNG expansion plans at an investor briefing.

    "It's got a lot of liquids to it, it's a nice field and if I could figure a way to get into that, I would.

    "But we're not going to break the bank. We're not going to overpay for reserves, which everybody in this industry seems to be running out to do these days."

    Voelte said Woodside would explore additional LNG investment opportunities in Southeast Asia.

    "And we think that this downturn, depending on the length of it, could present some really nice opportunities for companies that have stayed strong," he said.

    By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; [email protected]
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