Woodside to reduce stakes in gas field

Australian oil and gas producer Woodside expects to reduce its stakes in Australia’s Scarborough gas field and Canada’s Kitimat liquefied natural gas project, which would help it reduce its capital expenditure, its chief executive told Reuters.

Woodside is Australia’s biggest independent oil and gas producer and holds a 75 per cent stake in the Scarborough gas field and 50 per cent in the Kitimat project.

“We just look at that and say from capital management and risk management point of view we would rather hold less equity. It also helps us fund through this next expenditure cycle if we can reduce our capital requirement,” chief executive Peter Coleman told Reuters.

AAP

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