Woodside (ASX:WPL) share price ends higher on Wednesday after energy giant vows to fight Pluto legal challenge

Environmentalists want lifetime emissions impacts worked into any new project approvals.

| More on:
A man in a hard hat puts his finger up to say 'number one' in front of an oil mine

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Woodside Petroleum Limited (ASX: WPL) share price has clawed back from earlier losses today to finish Wednesday's trading session up 0.33%.

Shareholders of the S&P/ASX 200 Index (ASX: XJO) energy giant will have been closely following the company's progress on commencing its $16.5 billion Western Australian Pluto LNG project.

The project, projected to provide 30 years of LNG exports once it's finished in 2026, has received the green light from Western Australian regulators, but is facing a last minute legal challenge.

What's the basis for the Pluto legal action?

As The Motley Fool reported on 19 November, Woodside says its development plans have been reviewed by the WA Environmental Protection Authority, the Australian Department of Agriculture, Water and the Environment, and the National Offshore Petroleum Safety and Environmental Management Authority.

But an environmental group doesn't believe regulators took into account the lifetime greenhouse gas emissions the project may release.

Woodside now has received official notice that the Conservation Council of Western Australia will challenge the works approval for the Pluto Train 2 project in the Supreme Court of Western Australia.

The Environmental Defenders Office, representing the Conservation Council of Western Australia, tweeted:

Our client will argue that a key approval for expansion of Woodside's Pluto LNG facility – a major component of the Scarborough gas proposal – was unlawful, as it failed to properly consider and control the environmental harm generated by the development's GHG emissions…

Governments and regulators should be doing everything in their power to properly assess and control any additional emissions to mitigate the risk of climate related extreme weather events to the Australian people.

In a release, Woodside reiterated that it has complied with the state's "regulatory requirements and environmental processes in seeking and receiving its approvals", adding that it "will vigorously defend its position".

Woodside share price snapshot

The Woodside share price is down 5% in 2021. By comparison the ASX 200 is up 10% year-to-date.

Over the past month, Woodside shares have dropped 8%.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the 'five best ASX stocks' for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now...

See The 5 Stocks *Returns as of 9 January 2025

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Energy Shares

A man with arms spread yells as he plunges into a swimming pool.
Energy Shares

Why this $7 billion ASX 200 energy stock is falling hard today

Investors are pressuring the Aussie energy provider on Thursday. But why?

Read more »

Oil worker using a smartphone in front of an oil rig.
Energy Shares

Why is the Santos share price charging higher today?

What is giving the energy giant's shares a boost today? Let's dig deeper into things.

Read more »

Oil worker using a smartphone in front of an oil rig.
Energy Shares

Buying Santos shares? Here's the latest on this $3.2 billion deal

Santos made a major investment decision on a $3.2 billion energy project.

Read more »

A boy plunges right to the bottom after doing a bomb into the pool.
Energy Shares

Why is the Woodside share price sinking today?

Woodside shares are under pressure on Wednesday. But why?

Read more »

asx share price increase represented by golden dollar sign rocketing out from white domes of lithium
Energy Shares

Paladin Energy share price takes off as uranium production ramps up

ASX investors are bidding up the Paladin Energy share price today.

Read more »

A woman wearing a hard hat holds two sparking wires together as energy surges between them. representing the rising Li-S Energy share price today
Energy Shares

2 ASX 200 energy shares on the move following quarterly updates

Why are these shares having a good session? Let's find out what they have announced.

Read more »

Gas and oil plant with a inspector in the background.
Energy Shares

2 ASX utilities shares poised to win big in 2025

These two names are set to deliver the goods this year, according to brokers.

Read more »

A woman jumps for joy with a rocket drawn on the wall behind her.
Energy Shares

Guess which ASX uranium stock could rocket over 100%

Bell Potter thinks this is a high risk, high reward option for investors.

Read more »