Oil and gas producer Woodside Petroleum says that production cut down 11 percent in the third quarter contrasted to the same time previous year.

The sale of its stake in the Otway Gas Project in Victoria to Origin Energy was the main cause of fall in production.

Revenue from sales increases 15 per cent to $1.03 billion in the year to September accordingly to improved commodity prices.

The controversy between Woodside Petroleum Ltd. and East Timor grew more intense after East Timor accused Woodside of being unreasonable. A dispute has emerged between the two sides on the issue of building a floating liquefied natural gas (LNG) platform above the Timor Sea's Greater Sunrise field.

Hampered by weakened oil prices in the early part of 2009, followed by higher prices though reduced sales in the latter part, Woodstock Petroleum Ltd experienced a 27% decline in yearly revenue to $4.352 billion, while its quarterly sales in December yielded $1.26 billion, down 23%.

Oil producer Woodside Petroleum Ltd., has successfully managed to complete the institutional component of the company's $2.5 billion equity raising, garnering a total proceeds figure of $1.7 Billion. The raising capital commenced on December 14 and the aim was to boost the company's balance sheet and gather funds for expansions in the LNG segment.

Aggressive steps are on by Woodside Petroleum Ltd. to become the global leader in LNG by 2020. The first being the raising of capital to the tune of $ 2.5 Bn. This, it plans to accomplish through new shares via a one-for-12 fully underwritten institutional entitlement offer at A$42.10 each, a 10.8% discount to their last closing price. The biggest shareholder, Shell is expected to take up the entire entitlement by investing about $ 862 Mn.

Woodside Petroleum Ltd., Australia's giant energy firm, has predicted that its oil output would fall in the coming year, after the sale of some its major assets, while asserting that the company is, despite this, on the way to secure funding for the coming year as it aggressively pumps up its push into liquefied natural gas.