Oil and gas major Woodside has announced a number of measures to protect its balance sheet during the COVID-19 pandemic, including the deferral of targeted final investment decisions for its Scarborough, Pluto Trian 2 until 2021, as well as delaying the final investment decision for the Browse liquefied natural gas (LNG) project.
The company on Friday also announced that total expenditure for 2020 would be cut by 50%, to around A$2.4-billion. These cuts would include a near A$100-million reduction in operating expenditures and a 60% cut in investment expenditure, to between A$1.7-billion and A$1.9-billion.