Woodside tips aquisitions to boost resources
Woodside Petroleum has pointed to the potential for acquisitions of discovered undeveloped fields as it heads towards a major increase in its oil and gas resource base next decade.
Chief executive Peter Coleman said Woodside was working in five "focus areas" across the world with the aim of being "investment ready in multiple projects".
He forecast mid-2016 for a final go-ahead for the Greater Enfield oil project off Western Australia, and said the company was working on the early development of two gas discoveries made off the coast of Myanmar.
The Browse LNG project, which was put on hold in March, would be a phased development, with the highest value development first,
Turning to the oil market, Mr Coleman backed the view that there would be "no real recovery in prices for at least the next 18 months and beyond", with only a firming over that period in an overall volatile market.
He said the oversupply affecting hte LNG market had been forecast for the past four years and was no surprise.
Woodside also reported an increase in "contingent resources" thanks to its two gas finds in Myanmar.
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