WOODSIDE PETROLEUM LIMITED
Previous company name
WOODSIDE BURMAH OIL NL
Name change date
Woodside Petroleum Limited is a publicly quoted company listed on the Australian Stock Exchange which is engaged in the development, exploration, production and sale of oil and gas. The company was incorporated as Woodside (Lakes Entrance) Oil Co NL in July of 1954. Its registered business office is located in Perth, Australia.
Woodside Petroleum is the leading independent oil and gas company in Australia and a major supplier of energy to Asia. The company operates Australia’s two biggest resource projects, the North West Shelf Venture in Western Australia and the adjacent Pluto liquefied natural gas project. It also operates other oil and gas projects in Australia and around the world, including the United States and Africa.
Woodside Petroleum has offices in Japan, Korea, Libya, the United States, China and Kenya. In 2006, Woodside produced approximately 68 million barrels of oil equivalent, or approximately 186,000 barrels a day. Its vision is to be the preferred partner of governments, joint venture participants, customers and communities due to speed delivery, commercial acumen, cost focus, technical capability and values.
Woodside Petroleum Limited is globally owned by Royal Dutch Shell PLC, a publicly quoted company which is engaged in the development, exploration and production of crude petroleum and natural gas. Royal Dutch Shell has operations in Canada, Norway, the Netherlands, the United States, France, the United Kingdom, Australia, Germany, Brazil, Singapore, and Argentina.
The principal activities of the Company are management and operation of hydrocarbon exploration, development, production, transportation and marketing; implementation and operation of the North West Shelf Gas Project; exploration and development of gas, oil and condensate reserves.
Description and history
The Company is a leading Australian resources company and one of the nation’s most successful explorers, developers and producers of hydrocarbon products.
The Company is an Australian resources company which is listed on the Australian Stock Exchange. From small beginnings in the mid-1950s, the Company has developed and matured into a leading Australian company with substantial assets and a growing international reputation as a successful oil and gas explorer, developer and producer.
Having successfully completed the initial major development phases of the North West Shelf Project, the Company is now strongly positioned to take advantage of new opportunities in the Australian domestic and overseas oil and gas markets. Formed as Woodside (Lakes Entrance) Oil NL to search for oil in Victoria’s Gippsland region in 1954, it was not until 1963 that they secured the exploration permits over 367,000 square kilometres off the Western Australian coast. This was the start of what they now know today as the North West Shelf Venture.
Success came in the early 1970s, with the discoveries of the North Rankin, Goodwyn and Angel gas fields, some 130 kilometres off the coast of Dampier, in Western Australia’s harsh Pilbara region. These fields were eventually to form the basis of Australia’s biggest energy resource development: the North West Shelf Venture.
Delivery of North West Shelf natural gas to customers in Western Australia began in 1984 under long-term contracts with the State Government-owned energy utility. With deregulation of the domestic gas market in Western Australia, they now sell directly to major energy consumers in WA. The marketing of natural gas within Western Australia is undertaken by a separate joint venture company, North West Shelf Gas.
The export of Australian Liquefied Natural Gas (LNG) began in 1989 under 20-year contracts with eight power and gas utilities in Japan. In addition, spot sales of LNG have been made to Spain, South Korea, Turkey and the United States. Condensate, a light oil produced in association with gas, also provides an important source of revenue for the Company. It was sold under term contracts and on the spot market. Their first crude oil development was based on the Wanaea and Cossack oilfields, discovered on the North West Shelf in the late 1980s. Production from the Floating Production, Storage and Offtake facility (FPSO), Cossack Pioneer, began in November, 1995. The following month they also began exporting Liquefied Petroleum Gas (LPG).
In late 1999, under Woodside’s operatorship, the Northern Endeavour FPSO began producing oil from the Laminaria and Corallina oilfields in the Timor Sea, about 550km north-west of Darwin, the Company’s first operations outside the North West Shelf Venture.
The Company continues seeking opportunities to expand its North West Shelf operations and we are actively seeking customer support for additional LNG processing trains on the Burrup Peninsula.
They are also actively exploring for oil and gas throughout Australia and overseas; as well as, building a portfolio of major investment opportunities that will assist us develop market opportunities for our vast reserves of uncommitted gas.
From a fledging oil and gas explorer in Victoria in the early 1950s, the Company is now a major player not only within Australia but on the world energy stage.
The Company’s shares were listed on Australia Stock Exchange on November 18, 1971. The Company is a company limited by shares, domiciled and incorporated in Australia whose shares are publicly traded on the Australian Stock Exchange.
Incorporated as Woodside (Lakes Entrance) Oil Co NL
Engaged in the development, exploration, production and sale of oil and gas
AVILA 8 LLC
ERNST & YOUNG
US SIC Code
240, St Georges Terrace
City province or state postal code
6000, PERTH, WA
Phone: +61 893484000
Fax: +61 893484990
Country address: AUSTRALIA
Website url: www.woodside.com.au