“Market Cap $29.4 B As of May 2014
At a Glance
- Industry: Oil & Gas Operations
- Founded: 1954
- Country: Australia
- CEO: Peter Coleman
- Website: www.woodside.com.au
- Employees: 3,896
- Sales: $6.16 B
- Headquarters: Perth
#579 Global 2000
- #1431 in Sales
- #380 in Profit
- #906 in Assets
- #364 in Market value
Woodside Petroleum Ltd. is an Australia based oil and gas exploration company. It engages in the exploration, evaluation, development and production of hydrocarbon and oil and gas properties. The company operates in six segments: North West Shelf Business Unit, Australia Oil Business Unit, Pluto Business Unit, Browse Business Unit, United States Business Unit and Others. The North West Shelf Business Unit segment engages in the exploration, evaluation, development, production and sale of liquefied natural gas, pipeline natural gas, condensate, liquefied petroleum gas and crude oil from the North West Shelf ventures. The Australia Oil Business Unit segment involves in the exploration, evaluation, development, production and sale of crude oil, condensate and liquefied petroleum gas and pipeline natural gas in assigned permit areas including Laminaria, Mutineer-Exeter and Enfield, Vincent, Otway and Stybarrow ventures. The Pluto Business Unit segment engages in the exploration, evaluation and development of liquefied natural gas in assigned permit areas. The Browse Business Unit segment involves in the exploration, evaluation and development of liquefied natural gas in assigned permit areas. The United States Business Unit segment also engages in the exploration, evaluation, development, production and sale of pipeline natural gas, condensate and crude oil in assigned permit areas. The Other segment comprises the activities undertaken by exploration, international and Sunrise Business Units. It has operations in Australia, Brazil, China, Japan, Korea, Singapore, Spain, the United Kingdom and the United States of America. Woodside Petroleum was founded on July 26, 1954 and is headquartered in Perth, Australia.“
“Woodside Petroleum History
60 Years of Achievement
Woodside was established a year after Australia’s first oil discovery, the 1953 Rough Range find near Exmouth in Western Australia.
Incorporated on 26 July 1954 as Woodside (Lakes Entrance) Oil Co NL, the company took its name from the small town of Woodside in Australia’s southern-most mainland state, Victoria, with plans to explore a 520sqkm strip of land along Ninety Mile Beach in the south Gippsland region.
The company’s initial 375,000-pound (A$937,000) share issue in September 1954 was over-subscribed by more than 200,000 pounds (A$500,000).
In 1956, led by Chairman Geoff Donaldson and Managing Director Rees Withers, Woodside secured the first offshore exploration license to be granted in Victoria – a 2600sqkm stretch off Ninety Mile Beach that extended 2km into Bass Strait. Woodside was drilling in water up to 60 metres deep, an unremarkable depth today, but a world-record drilling depth in the 1950s.
After 10 years without success in southern Australia, Woodside was awarded exploration rights in June 1963 over more than 367,000sqkm off north-western Australia in what is known as the North West Shelf.
Exploration drilling began in 1967 and major gas and condensate discoveries were made in 1971 at Scott Reef, 425km north of Broome, and North Rankin and Angel, north of Dampier in Western Australia. In 1972, the Goodwyn gas and condensate field was discovered to the west of North Rankin.
These fields provided the basis of the A$19 billion North West Shelf Project, Australia’s largest resource project.
A contract with the State Energy Commission of Western Australia for the supply of domestic gas to industries and homes was signed in September 1980, and deliveries began in August 1984.
Today, Woodside is Australia’s largest publicly traded oil and gas exploration and production company and one of the nation’s most successful explorers, developers and producers of oil and gas.”
*Information from Forbes.com and Woodside.com.au
**Video published on YouTube by “Woodside Energy“