Woodside Petroleum Limited is the single largest independent gas and oil company in Australia. The company was originally founded in 1954 under the name Woodside (Lakes Entrance) Oil Co NL. The name was derived from the small town of Woodside, which is located in the province of Victoria.
In the early years, most of the company’s oil exploration activities were centered on Victoria, eventually moving operations to Western Australia in the early 1960s. It was during this time that Woodside began developing an oil production and exploration consortium with Shell and Burmah Oil. Through the years, both of those companies acquired a 40% interest in Woodside, only to see Burmah eventually sell off its shares while Shell currently owns less that 5% of the stock.
Today, Woodside Petroleum runs offshore exploration and drilling activities in the Timor Sea and off the coast of other parts of Western Australia. They have also gotten involved in international operations, both independently and through joint venture partnerships, in parts of Canada, United States, Republic of Korea, New Zealand, Myanmar, Morocco and Ireland. They have recently increased its level of exploration and production of natural gas.
The company’s largest dry gas operations are currently being manned in the Greater Sunrise gas development fields in the Timor Sea. This offshore dry gas field has a capacity of 5.13 trillion cubic feet (145 billion cubic meters) along with 225.9 million barrels of condensate.
Woodside Petroleum’s headquarters are located in Perth, Western Australia, Australia. More than 3,000 employees are headed by Peter Coleman who serves as the company’s Chief Executive Officer and Managing Director. The company is publicly traded on the Australian Stock Exchange under the symbol WPL. For the fiscal year ended in 2015, the company had total revenues of A$4.496 billion, which translated to a total profit of $26 million US$.