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Woodside Petroleum Limited
TypePublic (ASX:WPL)
Founded26 July 1954 as Woodside (Lakes Entrance) Oil Co NL
HeadquartersFlag of Australia Perth, Western Australia, Australia
Key peopleDon Voelte, CEO and MD
IndustryEnergy
ProductsPetroleum
Revenue▲ $3. A public company usually refers to a company that is permitted to offer its registered securities ( Stock, bonds, etc The Australian Securities Exchange ( ASX) is the primary Stock exchange in Australia. Events 657 - Battle of Siffin. 811 - Battle of Pliska; Byzantine Emperor Nicephorus Year 1954 ( MCMLIV) was a Common year starting on Friday (link will display full 1954 Gregorian calendar) Perth is the capital and largest city of the Australian state of Western Australia. Western Australia is a state occupying the entire western third of the Australian continent. For a topic outline on this subject see List of basic Australia topics. A chief executive officer ( CEO) or chief executive is typically the highest-ranking corporate officer ( executive) or administrator Managing director is the term used for the Chief executive of many limited companies in the United Kingdom, Commonwealth and some other English For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services 81 billion AUD (2006, [1])
Net income▲ $1. The Australian dollar ( sign: $; code: AUD) is the Currency of the Commonwealth of Australia, including Christmas Net income is equal to the Income that a firm has after subtracting costs and Expenses from the total Revenue. 427 billion AUD (2006)
Employees~3000
Websitewww.woodside.com.au

Woodside Petroleum Limited is an Australian petroleum exploration and production company. The Australian dollar ( sign: $; code: AUD) is the Currency of the Commonwealth of Australia, including Christmas Employment is a Contract between two parties, one being the employer and the other being the employee. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages Petroleum ( L petroleum, from Greek πετρέλαιον, lit It is a public company listed on the Australian Securities Exchange and has its headquarters in Perth, Western Australia. The Australian Securities Exchange ( ASX) is the primary Stock exchange in Australia. Perth is the capital and largest city of the Australian state of Western Australia. Western Australia is a state occupying the entire western third of the Australian continent.

Contents

History

Woodside was founded in 1954 as Woodside (Lakes Entrance) Oil Co NL. The company was named after the town of Woodside in Victoria, Australia, which was near the area that the company initially explored for oil. Woodside is a village in Victoria, Australia. At the 2006 census, Woodside and the surrounding area had a population of 267 [1]

Woodside explored for ten years both onshore and offshore Victoria without success. In 1963 the company was awarded exploration rights over a large tract offshore north-western Australia in an area now known as the North West Shelf. Subsequent drilling resulted in a number of major oil and gas discoveries including Scott Reef (now known as Torosa), North Rankin and Angel in 1971 and Goodwyn in 1972.

Woodside is one of Australia's largest companies. It currently employs more than 3000 people at various locations around the world. The company has a market capitalisation of more than AUD 30 billion and reserves at December 2006 of 1. Market capitalization/capitalisation (aka market cap, mkt cap or capitalized/capitalised value) is a measurement of Corporate or Economic 58 billion barrels of oil equivalent. The barrel of oil equivalent (bboe sometimes BOE is a unit of energy based on the approximate energy released by burning one barrel of Crude oil. Shell Australia owns 34% of Woodside. [2]

Operations

Within Australia Woodside operates the North West Shelf Joint Venture which comprises a number of offshore gas and gas-condensate fields including Goodwyn and North Rankin. Gas is produced through a pipeline to Karratha, Western Australia where it is processed for Australian and export markets. Karratha is a town in the Pilbara region of Western Australia that developed with the onset of the Iron ore mining and export in the region The company also operated the Legendre oil field off Karratha but sold its interests in this field to Exxonmobil. Woodside currently is the majority stakeholder and operator of the Enfield oil field offshore from Exmouth in Western Australia, the Laminaria-Corallina oil field offshore northern Australia and the Thylacine and Geographe gas fields offshore Victoria in southern Australia.

Exploration and development activities are ongoing in a number of regions outside of Australia including the Gulf of Mexico in the USA. The Gulf of Mexico ( Spanish: Golfo de México) is the ninth largest Body of water in the world

Woodside announced in September 2007 that it will sell its interest in the Chinguetti oil field, offshore Mauritania to Petronas[3]. The Chinguetti oilfield is an Oil field located off the Mauritanian coast in 800 m water depth Mauritania (موريتانيا Mūrītāniyā officially the Islamic Republic of Mauritania, is a country Petronas, short for Petroliam Nasional Berhad, is a Malaysian owned oil and gas company that was founded on August 17 1974.

Criticism

In February 2006, the Mauritanian government led by Ely Ould Mohamed Vall denounced amendments to an oil contract made by former authoritarian leader Maaouya Ould Sid'Ahmed Taya with Woodside Petroleum. Colonel Ely Ould Mohamed Vall (إعلي ولد محمد فال born 1953 in Nouakchott) was the military leader of Mauritania from a Maaouya Ould Sid'Ahmed Taya (معاوية ولد سيد أحمد الطايع (born 1941) also transliterated as Mu'awiya walad Sayyidi Ahmad Taya, was In 2004, Woodside had agreed to invest US$ 600 million in developing Mauritania's Chinguetti offshore oil project. The controversed amendments, which Mauritanian authorities declared that they had been signed "outside the legal framework of normal practice, to the great detriment of our country", could cost Mauritania up to $200 million a year, according to BBC News. [4] The Australian Federal Police in June 2006 were investigating Woodside for allegations of bribery and corruption in Mauritania according to the Sydney Morning Herald[5][6]. The Australian Federal Police (AFP is the Federal police agency of the Commonwealth of Australia. Mauritania (موريتانيا Mūrītāniyā officially the Islamic Republic of Mauritania, is a country The Sydney Morning Herald ( SMH) is a daily Broadsheet Newspaper published by Fairfax Media in Sydney, Australia The AFP officially cleared the company of any wrongdoing in May 2008.

Woodside Petroleum is currently attempting to have some ancient petroglyphs, or rock art, moved from the Burrup Peninsula in Western Australia to access a natural gas supply there. Petroglyphs are Images created by removing part of a rock surface by incising pecking carving and abrading Murujuga (Hip Bone Sticking Out or The Burrup Peninsula, is located on the north-western coast of Western Australia on the Dampier Archipelago Western Australia is a state occupying the entire western third of the Australian continent. [7][8] Western Australia's Burrup Peninsula is the world's largest outdoor rock engraving site, containing rock art of world importance possibly dating back to 30,000 years ago, including possibly the first ever representation of the human face in history. [9]

It has been suggested that intense lobbying by Woodside Petroleum contributed to the Australian Cabinet deciding against emissions trading in August 2000 [10]. The Cabinet of Australia is the council of senior ministers of the Crown, responsible to parliament.

References

  1. ^ Woodside company history, accessed 20 Aug 2007
  2. ^ Yahoo Finance - profile for Woodside Petroleum Ltd; accessed 20 August 2007
  3. ^ Company announcement regarding sale of Mauretania interests, accessed 27 September 2007
  4. ^ "Mauritania and firm row over oil", BBC News, February 6, 2006.  "Crise ouverte avec la compagnie pétrolière Woodside", Radio France International, February 6, 2006.  
  5. ^ News story on prosecution
  6. ^ Sydney Morning Herald - Business report
  7. ^ Save Dampier Rock Art home-page
  8. ^ Australian Heritage Database
  9. ^ Stand Up For The Burrup home-page
  10. ^ Guy Pearse, High & Dry: John Howard, Climate Change and the Selling of Australia's Future, Penguin (Australia) 2007, page 75

External links

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