Oil producer Woodside Petroleum Ltd., has successfully managed to complete the institutional component of the company's $2.5 billion equity raising, garnering a total proceeds figure of $1.7 Billion. The raising capital commenced on December 14 and the aim was to boost the company's balance sheet and gather funds for expansions in the LNG segment.

According to Chief Executive Don Voelte, the success of the raising has managed to demonstrate the strong support that the firm's has for its LNG growth portfolio, which includes expansion of the Pluto project as well as the Browse and Sunrise developments.

The institutional offer, as shared by Woodside, was priced at $42.10 for one new share, and it received overwhelming response from all the existing shareholders. More than 93% of the eligible shareholders had picked to take up their entitlements. For the institutional book-build, as many as 3.2 million shares were floated.

Retail component of the offer, under which shareholders will be able to bag 1 new share for 12 Woodside shares already possessed, will open on December 21.