Woodside Takes In Nearly $500 Million

Australia's Woodside Petroleum has taken acquisitions off the agenda after pocketing $US 464.5 million from the surprise sale of 40 per cent of its Enfield oil project to Japanese trading house Mitsui.

Although Woodside had been linked to a number of possible acquisitions in recent years under previous boss John Akehurst, acting chief executive Keith Spence said proceeds from the sale would be spent on developing a $4 billion suite of new projects over the next three to five years.