In a financial report released today Woodside said full-year net profit, including one-off items, was $A1.03 billion – down from $1.43 billion in 2006.

Net profit before one-off items was $1.18 billion, compared with $1.4 billion the previous year.

The company forecast its 2008 production to be 80-86 million barrels of oil equivalent (boe), compared with 70.6 million in 2007, but said it would review that target after it completes the acquisition of Shell’s oil assets on the North-West Shelf.

Increased production for 2008 is expected to come from a full year of output from the 80,000 barrel per day Stybarrow field and the ramp-up of output at the Otway gas project.

This is in addition to the start-up of new projects, including the fifth-train expansion of the North-West Shelf LNG project, the Neptune field in the Gulf of Mexico and the Angel gas field off Western Australia.

Woodside added more than 108 million boe to its 2P (proved and probable) reserves last year, thanks to bookings from its Pluto liquefied natural gas project and the $398 million acquisition of Shell’s NWS assets.

Sales revenue rose 4% to $4 billion in 2007, while exploration expenses increased 24% to $524.1 million.