Woodside Petroleum Witnesses 48% Rise in Second Quarter Earnings

According to a recent report, the sales of Woodland have registered a 48% increase in the second quarter. UBS is the second biggest producer of oil and gas in Australia.

The Company also disclosed that it is trying the development of a liquefied natural gas project called Pluto.

The sales of the Company have increased to $1.07 billion in the three months to June. The sales were 4% more than the second quarter.

The Company also disclosed that they had signed a contract with the Government to move the North West Shelf project to offshore Petroleum Resource Rent Tax.

Woodside disclosed that eventually the decision of investment for Pluto is dependent on finding gas sources, which are reasonable with the help of the owners of other resources or through exploration volumes.

A Spokesman of the Company has revealed that more information regarding the development would be disclosed in its first-half profit report, which will be released next month.

Sources have disclosed that by the start of the next year, the Company would be able to produce its first gas from Pluto-1 project. Experts are of the view that the project will be lucrative for Woodland.

Pluto-2 project is aimed to increase the profits of the Company, even further.