SYDNEY, Oct 15 AAP - Weak oil prices have hit Woodside Petroleum's third quarter revenue as the energy giant weighs up a takeover bid for Oil Search.
The company's revenue for the three months to September 30 was $US1.086 billion ($A1.49 billion), down 44.6 per cent on the $US1.959 billion ($A2.68 billion) for the prior corresponding period.
"Sales revenue for the quarter was lower reflecting lower realised prices across the portfolio," Woodside said.
Woodside also declined to address speculation about a potential increased offer for takeover target Oil Search, but said it will "continue to maintain a disciplined approach to business development opportunities".
The company last month announced an $11.6 billion all-scrip bid for Papua New Guinea-focused Oil Search.
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Woodside said sales revenue relative to the previous quarter was 20.9 per cent higher because of higher LNG and condensate sales volumes and higher oil sales volumes but this was partially offset by lower realised oil prices.
Woodside has revised its full-year production target range to 88 to 93mmboe from 86 to 94mmboe due to a strong performances at Pluto and Vincent and delays with its Canadian pipeline gas.
Production volumes increased 0.4 per cent to 25.3 million barrels of oil equivalent (mmboe), largely due to the Balnaves oil asset coming on line for Woodside in April 2015, while sales volumes decreased 1.6 per cent.
In August Woodside approved the front-end engineering and design (FEED) phase of its Greater Enfield Development in the Canarvon Basin off Northern Western Australia and it is targeting a final investment decision for the project in the second half of 2016.
The company said contracts have been awarded for subsea hardware, shipyard support and geotechnical and geophysical surveys as part of the FEED phase.
The company's decision to enter the FEED phase came as the oil and gas industry experienced large discounts on the rates for rig and vessels following a slump in the oil price.
Woodside added that it had sold four North West Shelf cargoes to its LNG trading customers in the quarter and marketing activities for its key Browse development continue.
Woodside shares rose 31 cents to close at $31.17.
