CIO

Pluto project running 6-10% over budget: Woodside

Oil company Woodside Petroleum (ASX:WPL) has revealed that its Pluto gas project will run 6% to 10% over its $11.2 billion budget.

The expected increase is due to lower than expected productivity in the onshore and offshore construction of the site, Woodside sadi.

But the company added that the project is 82% complete, and remains on schedule to deliver the first gas at the end of 2010, and the first LNG in early 2011.

WPL shares fell 2.65% to $48.77 following the announcement.