The company also declared last month that sales revenue for the first-half increased to $1.1 billion from $987.9 million and raised its 2003 full year production target by 5.5% to 58 million barrels of oil equivalent, while also increasing its production forecasts for 2004 and 2005.

Woodside's production for the first half in 2003 was 29.9 million barrels of oil equivalent (mmboe), 3% less than the 30.9 mmboe of the previous corresponding period. Due to favourable timing of liftings, this small decline was reversed with sales volumes of 30.5 mmboe in first half 2003, up 3% compared with the 29.7mmboe that was sold in 2002.

Lower production in line with expectations from Laminaria, Legendre, and Cossack was largely offset by improved production performance from domestic gas, condensate and LNG. Domestic gas deliveries improved 23% due to higher customer demand, while LNG production and sales increased 3% due to high market demand and reliable system operation.

Woodside said its search for a new chief executive to replace John Akehurst is taking longer than expected. With Akehurst due to depart at the end of August, Woodside has appointed its oil business director, Keith Spence, as acting CEO effective Sep. 1, pending a permanent appointment.