The lower profit figure was driven by low oil prices and the introduction of the petroleum resource rent tax in the second half of the year.
An excellent production performance from the North West Shelf and the Laminaria-Corallina project in the Timor Sea as well as new oil production from the Legendre fields off WA helped cushion the final figure. The company recorded production levels of 66.3 million barrels of oil equivalent, which was a 2% increase on the previous year.
As for the Sunrise Project in the Timor Sea, Woodside's managing director, Mr John Akehurst, confirmed Shell's floating liquefied natural gas plant was the favoured choice by the joint venture because it was cheaper than the alternative Phillips Petroleum proposal.
