WOODSIDE has attacked the cost of doing business in Australia, in explaining its decision to shelve domestic projects even while advancing schemes in Myanmar and Israel.

Speaking yesterday at its annual general meeting in Perth, chairman Michael Chaney cited Business Council of Australia calculations that productivity on Australian resource projects was 30-35% lower than on comparative US schemes.

¡°Australia remains at the top of the international cost curve in terms of LNG developments,¡± he said. ¡°Reducing cost pressures and improving productivity will require action and co-operation from industry and government alike.¡±

CEO and managing director Peter Coleman spoke of Woodside¡¯s two production-sharing contracts offshore Myanmar and its $1.2Bn Israeli deal.

Woodside now aims to finalise by June its purchase of a 30% stake in two offshore Mediterranean licences in the Leviathan gas field.

Coleman also cited Woodside¡¯s minority sales in the now-stalled Browse project to Japan Australian LNG, or MIMI for $2Bn.

He repeated that Woodside would examine cheaper options with its partners on the Browse project, including taking the gas processing hub offshore as FLNG.

¡°We have already re-engaged the Browse Joint Venture participants and intend to begin evaluation of other development concepts,¡± he said.

Woodside had net profits after tax of $2.98Bn for 2012. It had record production of 84.9M barrels of oil equivalent in 2012, up 31% on 2011.

¡°This year we will achieve a further increase in Woodside¡¯s production, within the range of 88-94M barrels,¡± Coleman said.