The company has had to rely on a few deals to build up reserves after being snubbed in late 2015 in an $8 billion bid for Oil Search Ltd and walking away from a $2.6 billion gas stake off Israel a year earlier.
Woodside reported Q4 revenue rose a better-than-expected 2% to $1 billion from the previous quarter thanks to higher oil prices.
The $34 billion Wheatstone LNG project off Western Australia, which Woodside bought into in 2015, is scheduled to start this year after six months of delays, followed by a second stage in 2018.
Woodside expects 2017 production to fall to 84 – 90 mmboe from 94.9 mmboe last year, with Wheatstone's ramp-up not enough to offset a long agreed drop in the company's share of domestic gas from the North West Shelf from May.
