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Woodside: the actual oil digger April 6, 2009

Posted by mytruthaboutoil in Oil (general), Oil giants.
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oil_drill2The Australian publicly traded company Woodside is the world leader in oil and gas exploration and therefore a key player in the oil business.s, Woodside has since then grown from a being niche player to being a major player in the global oil exploration business.

Woodside might be little known, but they are often the first to find new oil spots all across the world. Their job is to spend money without any guarantee to discover tomorrow’s oil fields.

The company is doing oil exploration operations in five continents, and is also being involved in the oil production business.

Created in the 1950

What they basically do is pay a lot of money to use highly sophisticated methods and hire some of the best paid engineers in the world to discover black gold out of deserts or deep sea.

oil_explorationFor those of you who are interested in discovering a little more about oil exploration, you can check out the oil exploration page on Wikipedia (a little technical, but very intere’sting).

Currently, Woodside activities include offshore exploration operations off the North West Coast of Australia. This represents a USD 440 million project in an area called Enfield and Vincent Fields. The project could help Australia become a significant oil producer in the coming years.

Woodside is also involved in the gigantic Laminaria Corallina project, an offshore project also in Australia worth an estimated USD 1,37 billion.

But Woodsides interests are mostly out of Australia. The company has very close ties with Lybian Muammar Khadafis regime and even has an office in Tripoli. Woodside is therefore closely involved in oil exploration in Libya.

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