Woodside rally continues following North West Shelf extension approval
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The news: Shares in oil and gas major Woodside rose further on Thursday after the federal government on Wednesday granted environmental approval to extend the life of its North West Shelf gas project to 2070.
The numbers: Woodside’s share price was up 2.64% to $22.70 at 11:44am AEST, leading gains among energy stocks, which were boosted by a jump in oil prices following a US court's decision to block Donald Trump's 'Liberation Day' tariffs.
The context: After a more than six year wait, Woodside’s proposed extension of its North West Shelf gas plant was granted preliminary approval by Environment Minister Murray Watt. There is not currently a timeline for a final investment decision on the extension.
Watt’s proposed decision is subject to a number of conditions, particularly relating to air emissions caused by an expansion of the on-shore Karratha gas plant, which Woodside has 10 business days to consider before finalising his decision.
