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Woodside Petroleum sees no need for mergers

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Reuters are reporting that Woodside Petroleum CEO Peter Coleman has announced that there is little need for more mergers and acquisitions by Australia's biggest independent oil and gas producer as it works on developing a handful of new projects at home and abroad.

The company has had to rely on a few deals to build up reserves after being snubbed in late 2015 in an $8 billion bid for Oil Search Ltd and walking away from a $2.6 billion gas stake off Israel a year earlier.

Woodside reported Q4 revenue rose a better-than-expected 2% to $1 billion from the previous quarter thanks to higher oil prices.

The $34 billion Wheatstone LNG project off Western Australia, which Woodside bought into in 2015, is scheduled to start this year after six months of delays, followed by a second stage in 2018.

Woodside expects 2017 production to fall to 84 – 90 mmboe from 94.9 mmboe last year, with Wheatstone's ramp-up not enough to offset a long agreed drop in the company's share of domestic gas from the North West Shelf from May.

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