Australian oil and gas firm Woodside Petroleum Ltd (WPL.AX) has launched a hunt for a new boss after its chief executive Don Voelte announced he will step down in the second half of 2011.

Don Voelte, who took the top job at Woodside in 2004, said his departure was timed so he could oversee the start-up of the firm's flagship A$13 billion ($12.8 billion) Pluto gas-export project next year and allow time to find a replacement.

"Leaving in 2011 allows me to oversee the start-up of the Pluto foundation project and have expansion plans well in place."

"But most important, this timing also allows my successor the required time to take ownership of Woodside's significant growth projects - including Sunrise and Browse - to final investment decisions."

Woodside said it had commenced a succession plan and would look at internal and external candidates.

US-born Voelte is considered one of Australia's most outspoken chief executives. He plans to return to the US next year.

Woodside is 34 percent owned by Royal Dutch Shell (RDSa.L). The firm is nearing completion of the first stage of its Pluto LNG project, but the work has been dogged by a series of labour strikes.

The company said in August it expected to start production by the end of February 2011 and first LNG shipments by the end of March 2011, provided there were no further strikes.

Todays news seemed to have worried investors, sending the company's shares down 0.72 per cent to $43.72, versus a flat benchmark index.

With Reuters