Woodside expects oil prices to stay high

The head of Australia's largest independent oil and gas producer, Woodside Petroleum Ltd, expects the oil price to remain high as the company boosts its production output.

Chief executive Don Voelte unveiled a 54.5 per cent jump in underlying net profit to $1.04 million.

Despite the massive jump in underlying profit, the company's bottom line figure of $1.11 billion was down 3.4 per cent on 2004, when the full year result included $472.8 million from the part-sale of the Enfield project.

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