Woodside Petroleum, Australia's largest publicly traded oil and gas producer, has reported record revenues of A$2.75 billion ($2.1 billion) in 2005, up 29 per cent from the previous year on the back of soaring oil prices.

The Perth-based company, 34 per cent owned by Royal Dutch Shell, said fourth quarter sales revenue rose by 31 percent year-on-year to $758.9 million as the company beat production targets.
Overall, annual production rose 4.0 per cent from 2004 to 59.7 million barrels of oil equivalent (boe), compared to an initial target of 56.6 million barrels and a revised estimate of 59 million barrels.
Production was boosted by higher contributions from the Woodside-operated North West Shelf gas project off northwest Australia, the Laminaria/Corallina field off northern Australia and new production from the Gulf of Mexico.
Woodside said new projects under development – notably the Chinguetti oil field off Mauritania in West Africa and the Otway gas and Enfield oil projects offshore Australia – are on track to meet their schedules for start-up during 2006.