Woodside calls for action, not talk

Woodside CEO Peter Coleman has told the companies interested in the proposed Trans Carnarvon Trunkline that the time to talk has passed, saying a deal has to be reached sooner rather than later.

Speaking at Woodside’s annual Investor Briefing Day yesterday, Mr Coleman said, “They’re going to have to be really quick because the train has left the station, they need to be running after it.”?

“They need to stop messing around. They need to give me a proper offer, not an offer to talk. I’m past talk at the moment, way past talk.”?

He also told investors that the company is executing growth plans laid out last year, and that it has the resources people and finances to capture the opportunity presented by LNG.

“Our strategy is underpinned by our ongoing strong base business, world-class asset performance and execution of committed projects,”? said Mr Coleman.

He revealed that Woodside’s existing business and committed growth is targeted to lift annual production to approximately 100 MMboe in 2020.

“Last year we outlined a roadmap for growth across three five-year time horizons,”? said Mr Coleman.

“The actions we have taken since then to increase our interest in Scarborough and raise equity further support our ability to deliver on that plan.

“We are working to unlock maximum value from our existing infrastructure by processing gas from Scarborough through a low-cost expansion of Pluto LNG and Browse through the North West Shelf facilities.

“The progress we are making in Horizon 1 will enable us to develop these projects in time for the expected global LNG supply shortfall in the early 2020s.”?

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