Total production for the December 2003 quarter was 30.2 million barrels of oil equivalent, 1% higher than the December 2002 quarter and 6% lower than the September 2003 quarter.

Total production for the second half of calendar year 2003 was 6.3% higher than the first half, as the predicted decline in some of the company's existing oil assets was offset by increased gas production and production from new assets.

Quarterly oil and condensate production was down 9% on the corresponding period in 2002 mainly due to the decline of the Laminaria, Griffin and Bass Strait fields, along with a scheduled maintenance shut down at the North West Shelf, and 4% lower than the 15.5 million barrels produced in the September 2003 quarter.

Natural Gas production was 77.6 billion cubic feet, 12% higher than the 69.4 billion cubic feet produced in the December 2002 quarter.

This was due to the commissioning of Zamzama Phase 1 (Pakistan), Boris South and Boris North, and increased demand from Bass Strait due to unseasonably cool weather conditions.

Production for the quarter was 9% lower than the 85.2 billion cubic feet produced in the September 2003 quarter due to seasonally driven demand for Bass Strait natural gas and a scheduled shut down at North West Shelf.