Nov. 23 (Bloomberg) -- Woodside Petroleum Ltd., the Perth- based oil producer, is likely to be an “underperformer” in Sydney trading in the next 12 months because of uncertainty about its liquefied natural gas projects, RBC Capital Markets said.

RBC has a target price of A$40 on shares of Woodside, Australia’s second-largest oil and gas producer, according to the report dated yesterday by Melbourne-based Andrew Williams. Woodside, whose shares rose 1.1 percent today to A$35.55 at 11:00 a.m., plans to expand the Pluto LNG venture in Western Australia and develop the Browse and Sunrise LNG projects.

To contact the reporter on this story: James Paton in Sydney at jpaton4@bloomberg.net

To contact the editor responsible for this story: Keith Gosman at kgosman@bloomberg.net