Australian LNG-player Woodside on Thursday revealed its expenditure for the calendar year will be US$170 million lower than initially estimated in February.
Without any comment, the Perth-based company’s update showed that the production is expected to be at the higher end of the February estimate, with current predictions ranging in the 91 to 93 MMboe region.
Woodside cut its capital expenditure by US$100 million while the exploration budget has seen a reduction of US$70 million.
The company has recently abandoned its Oil Search takeover plans as its initial offer of A$11.6 billion (US$8 billion) was rejected and Oil Search regarded it as highly opportunistic and grossly undervaluing the company.
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LNG World News Staff