In June 2009 the Board of Directors reviewed Woodside’s long-term strategy and confirmed the importance of maintaining the existing strategic direction and delivering against the LNG growth plan.

Woodside continues to focus on improving its foundation business and delivering longterm growth in shareholder value through development of the Australian liquefied natural gas (LNG) portfolio.

 

Woodside’s foundation Australian business includes the producing assets in the North West Shelf Venture (NWSV) and Greater Exmouth area. These are complemented by producing assets elsewhere in Australia and the Gulf of Mexico. By maximising the returns from these assets Woodside will meet its financial obligations and contribute funds to support the company’s growth ambitions.

To further maximise the value of the investment in these existing assets Woodside will also pursue selective exploration and development opportunities. Continued operation of these facilities to appropriate safety, environmental and stakeholder standards will maintain Woodside’s licence to operate.

 

Longer term growth in Woodside’s value and its overall future will be shaped by LNG. The company’s significant natural gas assets and infrastructure in Australia provide unparalleled opportunities within an industry struggling to access an ever depleting resource base. With increasing global demand for energy, driven by the continued growth of the Asian economies, we believe Woodside is well positioned to capitalise on new opportunities in emerging LNG markets. Delivery of the Pluto foundation project will support future LNG growth opportunities through expansion of Pluto and the development of Sunrise and Browse. Maintaining momentum on these projects will continue to build Woodside’s internal LNG capabilities and ensure access to the necessary external resources.

A complementary business theme will be retained to provide options for future business through selective exposure to
exploration outside of Australia.