MELBOURNE Jan 16 Woodside Petrolem,
Australia's largest independent oil and gas producer, reported a
7 percent fall in revenue in 2013, slightly worse than market
forecasts, while annual production was in line with the
Annual revenue fell to $5.78 billion from $6.22 billion
compared with analysts' forecasts around $5.86 billion,
according to Thomson Reuters I/B/E/S.
Production rose to 87 million barrels of oil equivalent
(mmboe), matching Woodside's forecast for a 2.5 percent rise
from 2012. It reaffirmed it expects 2014 output to be between 86
and 93 mmboe.
Fourth quarter output was 23.2 mmmboe, down 4.5 percent from
a year earlier.
After booking strong production growth in 2012, thanks to
its Pluto liquefied natural gas project, the company is now
looking for new sources of growth, with its Browse LNG project
delayed as it considers building a floating LNG plant.
One potential new investment is the Leviathan gas field off
Israel, but more than a year after announcing it would invest
$1.25 billion for a 30 percent stake in the project it has yet
to finalise a deal, amid speculation it may have to pay more.
Woodside said it expects to conclude talks with the
Leviathan joint venture companies by the end of June, pending a
decision by Israel on its tax policy for gas exports.
The company warned it would book writedowns of around
$380-$400 million on the carrying values of some of its oil and
gas fields when it reports results for 2013 on Feb. 19.
(Reporting by Sonali Paul; Editing by Richard Pullin)