Woodside Petroleum (WPL)

Shares / Stock Code

WPL

Stock Exchange / Sharemarket

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The parent company of the Woodside Group of Companies, the Woodside Petroleum Limited (WPL) is an Australian-based company engaged in the operation and management of hydrocarbon exploration, production, development, marketing and transportation, operation and implementation of the North West Shelf Gas Project as well as the condensate reserves, gas and oil exploration and development. WPL was listed on the Australian Stock Exchange on the 18th of November 1971. Its average annual revenue reaches approximately $3 billion out of its issued capital of approximately $700 million. Its headquarters is located in Perth, Australia and to date; around 3000 people are employed in the company. Woodside Petroleum Limited operates through its three main activities: development projects, development opportunities and exploration.

The development opportunities activity of Woodside Petroleum Limited includes the Victoria, South Australia Thylacine-Geographe gas project; Karratha gas plant expansion and this expansion includes the 5th production train; Angel gas and condensate field development, Perseus over Goodwyn project; and the Vincent oil field development in North West Cape in the Western Australia.

The development process activity of Woodside Petroleum includes the new business opportunities maturity from the discovery of exploration and acquisition to the extent that the opportunity for this is handed over for the execution of the project. The team in this activity created a concept of schedules and cost estimates for the proposed project.

WPL's Exploration activity of the company includes acreage security, data processing and interpretation, seismic acquisition, prospect drilling and evaluation.

Woodside Petroleum (WPL) Company History

In 1954, the company’s name was Woodside Oil Company when it was established. Fourteen years later, the company’s name was changed to Woodside Oil, and then 9 years after that, again changed their name to Woodside Petroleum. Woodside began its business enterprise after being approved with exploration rights in the North West Shelf. In 1971, Woodside and Mid Eastern Oil acquired Vamgas. In 1972, Burmah merged with both companies.

The company gave Shell and BHP 40 percent interests each in 1985. In 1994, the BHP sold 75 percent of its shares in Woodside and the other 25 percent four years after. Also, Shell reduced 6 percent of its share in the company.

The company acquired Sierra Leone's exploration acreage in West Africa, and discovered the Gulf of Mexico’s Midway field during 2004. Also, the company moved their headquarters to Perth making two board changes. The company’s position of Managing Director has been given to Don Voelte as well as the Chief Executive. The position of Chief Operating Officer was given to Keith Spence; it was the company’s first operating position. Woodside Eastern Energy was given an advice by its main to sell the assets of Kipper in 2005. The company has the full ownership of its subsidiary when they acquired Woodside Energy in the very same year.