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.

However the company has sustained its production target for the year for the reason that of record enhances in liquefied natural gas and liquefied petroleum gas.

Production gets higher 5 per cent in the September quarter from the June quarter, while sales revenue fell.

Woodside says that it is still in discussions with other resource companies on extension plans for its flagship Pluto gas scheme in Western Australia.

The company declares that it is estimating the cost and agenda of the multi-billion dollar project. Before this month, the company proclaimed that its chief executive Don Voelte will leave in the second half of 2011.

In the beginning of this year Woodside chief financial officer, Mark Chatterji declared that he was walking out at the end of the year. The company is searching for a new chief executive.