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http://www.theage.com.au/news/business/woodside-flags-sale-of-nonstrategic-assets/2007/04/19/1176697005743.html

Woodside flags sale of non-strategic assets
Perth
April 20, 2007
THE writing might be on the wall for Woodside Petroleum's Chinguetti project after the company said assets no longer considered material were likely to be shelved or sold.
The $1 billion project in Mauritania has not lived up to expectations, suffering a significant cut in reserves and lower than anticipated output since it began production early last year.
Recent media speculation suggested that Woodside might be assessing whether to sell its troubled Mauritania assets.
Managing director and chief executive Don Voelte said at the annual meeting in Perth yesterday that assets considered to be of little material value were likely to be axed or shelved.
"As Woodside accelerates its spend on Pluto and Browse, prudent management of our exploration portfolio and budget will be necessary," he said.
"You can expect to see those parts of the portfolio we consider to be of a lower materiality — or no longer strategic — to be shelved or divested."
Woodside previously said the company was continuing to look at ways of "maximising" the value of its Mauritania holdings.
But Mr Voelte said he remained proud of the company's achievement in Mauritania, even though production levels had not been as good as the company had expected.
Meanwhile, Woodside has forecast strong revenue and claimed the days of $US15-a-barrel of oil were over.
"While we continue to be challenged on the cost front, Woodside expects buoyant revenues from our products to continue for some time," chairman Charles Goode said. "In recent years, oil prices have reached historical highs, driven by declining traditional reserves, production disruptions such as hurricane Katrina, political instability and terrorism.
"These factors, we believe, have underpinned a paradigm shift in oil prices.
"The days of $US15 a barrel of oil are gone."
Woodside shares fell 60¢ to $38.55 yesterday.
AAP