Can you tell me why you think this?
I think the weight on the price is dwindling years of reserves. I think Woodside has a lot of ageing assets in the North West Shelf and Bass Strait assets. Proven but undeveloped reserves in Sunrise and Browse with a very high cost base, hence not receiving an FID in the past 15 years.
I guess in the short term (1-2 years) there should be a bump up from Scarborough and Senegal but I believe the company forecast was trying to maintain overall production over the next 10 years with a lower operating margin (scarborough - compression costs and no condensate, senegal complex reservoir with lots of wells required).
Woodside, page-1199
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