Australia's Woodside Petroleum Ltd. is seeking new oil projects to stem an approaching production decline.
The firm has created a takeover department to assess acquisition opportunities.
This aggressive ploy was revealed as Woodside reported a $331.3 million (Aus.) profit for 1999-10.4% higher than in 1998. Managing Director John Akehurst said the company had taken advantage of higher oil prices to hedge 57% of this year's production at a minimum of $17.36 (US)/bbl and 45% of 2001 oil production at a minimum of $17.56/bbl, leaving room to sell at higher prices.
Woodside is considering a second phase of drilling in its Laminaria-Corallina fields complex in the Timor Sea to extend the flow rate of 160,000 b/d oil and stem a decline expected to begin in 2002. The firm also plans to speed development of the Echo-Yodel gas-condensate discovery on the North West Shelf west of North Rankin field.
