Total sales revenue for the year fell from $2.240bn to $2.059bn, with the bulk of the drop occurring in the fourth quarter.

However, production in domestic gas, LNG, condensate and Cossack Pioneer Oil increased due to better than planned reservoir performance and demand while LPG production was slightly lower than predicted.

The lower sales result was partially attributed to the natural production decline from its Laminaria oil field and a planned shut-in of the Corallina oil field offshore Australia's northwest coast, despite both projects performing above expectation.

Fourth quarter production came in at 13.8 million barrels of oil equivalent, down from 15.7 million boe in the previous corresponding quarter.

Full year production fell to 58.9 million boe from 64.2 boe in 2002.

"As expected, Laminaria and Corallina field production continues its natural decline and was, with the shut-in of Corallina-2, averaging 36,446 bbl (barrels) per day at the end of the quarter," said Woodside.

Production from the Legendre field was below expectations for the fourth quarter at 24,205 bbl per day due to a failure in a facility gas compression unit, which should be restored in early February 2004.

The continued delay in finding a replacement for John Akehurst does not seems to be having a negative impact on the company with shares prices under the stewardship of Keith Spence climbing from their 2003 lows of around $10.30 in March to peak at $15.46 at the time of printing.

Woodside has also been part of several successful exploration operations which have led to a trio of massive finds offshore the Mauritanian coast.