Production was also up 5% year on year to 23 million barrels of oil equivalent, largely due to the setbacks experienced with the Vincent floating production, storage and offloading vessel last year.

Compared to the December quarter, the recent quarter revenue was up just 1.6% while production was 0.9% lower.

The Western Australian oil and gas producer's project development front has remained subdued but it expects to start entering the front-end engineering and design phase for the Browse floating LNG project in the June quarter.

During the recent quarter Woodside also clocked up its 100th LNG cargo for the Pluto operations, which first started production in April 2012.