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Woodside Flags 2010 Reduction, Libya Asset Sale

Source: The Wall Street Journal 11/23/2009, Location: Africa

Woodside Petroleum Ltd. forecast its full year oil and gas production in 2010 to fall to between 70 million and 75 million barrels of oil equivalent.

Australia's second biggest oil and gas company reiterated its 2009 output guidance of 81 million to 86 million BOE.

It said its 2010 forecast excludes a 5.8 million BOE contribution from its share of the Otway gas project, offshore Victoria state, which Woodside recently agreed to sell to Origin Energy Ltd.

Woodside said in a statement it has negotiated a sale of its onshore assets in Libya and expects to exit the country early in 2010.

A review of the company's assets in Brazil, Sierra Leone and Liberia continues, Woodside said.

The Perth-based company said it is aiming for a final investment decision on the proposed Sunrise LNG project in 2011.

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