Investors in oil and gas giant Woodside Petroleum Limited (ASX: WPL) will be relieved today after the company announced it has successfully restarted production at its key Pluto LNG plant.
On March 16 the company announced the plant's operations were shut down after a submersible drilling rig under contract to another party drifted near Pluto flowlines.
The most relieved parties are likely to be the owners and insurers of the rogue drilling rig, which reportedly came loose due to damage inflicted by Cyclone Olwyn.
Importantly, Woodside also stated that its 2015 production range of 84 to 91 million barrels of oil equivalent (MMboe) remains unaffected by the temporary shut down.
Woodside is Australia's largest oil and gas business and its most experienced operator in the burgeoning LNG industry. Impressive recent results and a big divided yield have seen it retain investor support despite the jaw-dropping fall in oil prices.
However, other stocks including Senex Energy Ltd (ASX: SXY) and Santos Ltd (ASX: STO) have suffered far more from the precipitous decline in oil prices.
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