Woodside revenue drops 45 percent in Q3

Australia

DARWIN, October 15, 2015 – Woodside Petroleum has reported a 45-percent drop in third-quarter revenue.

The company, Australia’s largest upstream operator, attributed to losses to the fall in oil prices that began in mid-2014.

Woodside also announced it will sell its operating stake in the Laminaria-Corallina joint venture, which produces from a field in the Timor Sea off the Australian coast. The company said it had entered into a conditional agreement, but did not name the buyer.

In September, the company made a failed bid to purchase Oil Search, targeting its stake in the Papua New Guinea LNG project.

The Laminaria-Corallina fields are co-owned by Spain’s Repsol, which on Thursday announced plans for €6 billion in asset sales.

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