Woodside Q1 earning up, no Leviathan deal

Posted by Joseph R. Fonseca
Wednesday, April 16, 2014

Woodside Petroleum, Australia's largest independent oil and gas producer, reported a 5 percent rise in first quarter production on Thursday but said it had not yet finalised a deal to take a stake in Israel's Leviathangas field.

Woodside had been expected to invest up to $2.7 billion in Leviathan last month, but delayed the signing while it sought clarity with the Israeli government over tax treatment.

Woodside said first quarter production was 23 million barrels of oil equivalent (mmboe), versus 21.9 mmboe a year ago and 23.2 mmboe in the fourth quarter. In January, the company said it expected to produce 86-93 mmboe in 2014.

Revenue was $1.675 billion, up 15.9 percent on a year ago.

(Reporting by Lincoln Feast; Editing by Paul Tait)

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