The company also posted a net profit of $1.02 billion for the first half of 2008, up 67% from the previous corresponding period on stronger production and high oil prices.

EBITDAX (earnings before interest, tax, depreciation, amortisation and exploration) increased by 58% to $2.26 billion while revenue increased by 45% to $2.6 billion as production increased from 35 million barrels of oil equivalent in 2007 to 36.5MMboe in 2008.

Woodside said the hook-up, testing and commissioning of the Maersk Ngujima-Yin floating production storage and offtake facility has been completed, and production is expected to increase steadily in the coming weeks.

Field production rates from the first six wells are expected to ramp-up to 50,000 barrels of oil per day and naturally decline to about 40,000bpd by year-end.

Additional wells will then be placed on production to supplement the decline, Woodside said.

The Vincent oil project has estimated recoverable oil reserves of about 73 million barrels and was discovered by the company in 1998.

Woodside is operator of the project and holds a 60% interest, while Mitsui E&P Australia has the remaining 40%.

Other projects that are expected to boost the company's production include Angel, the North West Shelf LNG Train 5 expansion, Neptune and Power Play.

The Angel gas field is expected to start production in late September 2008 when scheduled maintenance at NWS Train 4 is completed.

Final construction and commissioning of the Train 5 expansion has been completed, with the project expected to deliver its first LNG cargo in October.

Woodside's share in the Neptune and Power Play projects, in the Gulf of Mexico, are also expected to contribute to its second half production.