Revenue was also up 19% to $A1.869 billion, while profit rose 10.6% to $545.5 million, compared to the first six months of 2006.

“The commencement of production at Enfield in July 2006, reduced cyclone activity in Australia and the US, and improved facility availability contributed to strong production and sales performance during the first half,” the Perth-based giant said today.

“We remain on target for our end-of-year forecast of 72-78 million barrels of oil equivalent.”

Despite the strong results, Woodside led a relatively unsuccessful exploration effort during the period.

Of the five exploration wells drilled, four found non-commercial hydrocarbons and one was a dry hole.

Woodside said the North West Shelf Venture expansion was on schedule, with first liquefied natural gas from the 4.4 million tonne per annum fifth train expected in the fourth quarter of 2008.

But cost blow-outs have seen the final budget estimate rise to $2.6 billion.

The company also said oil production had stabilised at Enfield to around 50,000 barrels of oil per day thanks to improved reservoir and facility performance.

“Two wells, planned for the second half, are expected to underpin continuing improvements,” Woodside said.

Next month Woodside expects to achieve first gas from its Otway Gas Plant, where cost pressures have caused a 20% budget blow-out.