In June 2010 the Board of Directors reviewed Woodside’s long-term strategy and reaffirmed 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 long-term growth in shareholder value through commercialising its Australian LNG portfolio.
Woodside’s foundation Australian business includes the producing assets in the North West Shelf 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 standards and stakeholder expectations will maintain and enhance 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 enviable 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 foundation Pluto LNG Project will support future LNG growth opportunities, through expansion of Pluto and the development of Browse and Sunrise. Maintaining momentum on these projects will continue to build Woodside’s LNG capabilities.
A limited portfolio of exploration assets outside of Australia will be maintained to provide options for future business growth while allowing the company to focus on Australian LNG growth.
