13/05/2011 - 12:26

New Woodside CEO a steady hand

13/05/2011 - 12:26

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Incoming Woodside Petroleum chief executive Peter Coleman said today he would focus on delivering on the company's established strategy, including work on its three major growth projects Pluto, Browse and Sunrise.

New Woodside CEO a steady hand

Incoming Woodside Petroleum chief executive Peter Coleman said today he would focus on delivering on the company's established strategy, including work on its three major growth projects Pluto, Browse and Sunrise.

"My commitment is to execute the strategy that's already in place," he told a media conference in Perth with chairman Michael Chaney and outgoing chief exective Don Voelte.

Mr Coleman, who is joining Woodside from ExxonMobil, said Woodside was unusual because of its extensive undeveloped reserves relative to the size of the company.

"What stands out for me is the portfolio of growth projects that is here."

Mr Coleman said he had a mandate to pursue growth but "we don't want to grow just to be a bigger company".

The company also needed to be cost effective, deliver shareholder value and operate safely.

Mr Coleman added that Woodside needed to continue operating the North West Shelf project efficiently, and had to ensure the commissioning of its Pluto foundation project was done successfully.

He said the oil and gas giant won't revisit an onshore processing option for its stalled Sunrise liquefied natural gas project.

The company has opted for a floating vessel processing concept, while the East Timor government insists processing should be done on that nation's shores.

Mr Coleman says the floating concept still stands.

"I think Woodside really has explored all of the options already," he told reporters in Perth on Friday.

"We've made our position very clear on that.

"My role will be to go in and ... understand where the parties are and why they differ in that view."

Mr Coleman takes the helm of Woodside on May 30, while current chief executive Don Voelte will remain with the company until June 30 to assist with the transition.

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