Woodside’s (ASX:WPL) shares rise despite gas project heading to WA court

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Woodside’s (ASX:WPL) shares rise despite gas project heading to WA court

Woodside’s (ASX:WPL), share price, Scarborough gas project, climate activism, WA court.
Image source: © Timonschneider | Megapixl.com

Highlights

  • Woodside Petroleum’s Scarborough gas project dragged to WA court by climate activists.
  • The WA’s Environmental Protection Authority’s (EPA) approvals had recently given a clearance to the LNG project.
  • WPL shares remain unaffected from litigation blues.

Woodside Petroleum Ltd’s (ASX:WPL) Scarborough gas project is being tested for environmental approvals in the WA Supreme Court on Monday.  The litigation has been reinstated a year after the conservation council of WA filed a suit against the state’s Environmental Protection Authority (EPA).

CCWA is challenging approvals given to Woodside by EPA

  • The Conservation Council of Western Australia (CCWA) claims at the WA Supreme Court that state's environment watchdog- EPA has failed to properly assess Woodside's Scarborough gas development.
  • The CCWA is of the opinion that the Scarborough project could emit around 1.6 billion tonnes of carbon over 25 years and has termed it as Australia’s most fossil fuel polluting project as of now.
  • The CCWA is thus asking the Supreme Court to allow project assessment under environmental regulations as would apply to any other project in Western Australia.
  • The council asserted that the EPA has allowed additional gas to be processed on Woodside’s request without any environmental assessment further.

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How will WPL benefit from Scarborough gas field?

  • WPL seeks to further develop the Scarborough gas field to stem falling production from other fields.
  • The Scarborough gas field and its new offshore facilities shall be connected by a pipeline to the existing Pluto LNG onshore facility.
  • Woodside has thus, already made a final investment decision in November to move ahead with the LNG project.

Meanwhile, on ASX today, WPL shares are in green, trading at AU$21.695 each as of 12:48 PM AEDT.

Bottom line

Despite litigations and court proceedings, Woodside is already moving ahead with the LNG development in Western Australia.

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