Woodside seeks acquisition candidates

02/28/2000
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 ...
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