Seven West Media Ltd., Australia’s most watched television broadcaster, reported a first-half loss after making A$261 million ($270 million) of charges including writing down its magazines and online venture with Yahoo! Inc.
Woodside Petroleum Ltd. may need a “diplomat rather than an explorer” to overcome obstacles to developing natural gas projects after Chief Executive Officer Don Voelte retires, Goldman Sachs & Partners Australia Pty said.
Woodside Petroleum Ltd. Chief Executive Officer Don Voelte said he’s concerned about the development of the Sunrise gas project off northern Australia after East Timor objected to the company’s plans for the field.
Woodside Petroleum Ltd. may try to lure an executive away from Royal Dutch Shell Plc , Chevron Corp. , BHP Billiton Ltd . or BP Plc to run the company after Don Voelte steps down as chief this year, analysts said.
East Timor’s petroleum regulator has refused to accept Woodside Petroleum Ltd. ’s plan to develop the Sunrise gas project, insisting on more detailed analysis of alternatives, including a plant in the southeast Asian nation.
Woodside Petroleum Ltd. Chief Executive Officer Don Voelte said East Timor can’t withdraw from a 2-1/2-year-old treaty governing development of the Sunrise gas field, the Sydney Morning Herald reported. East Timor Prime Minister Xanana Gusmao refused to meet Voelte and other representatives of the companies developing the Sunrise field in Dili this week, the paper said. East Timor is opposed to the plan by Woodside and its venture partners to process gas from the Sunrise field into liquefied natural gas on a floating platform and wants a plant built on its soil.
Woodside Petroleum Ltd. delayed a decision to expand the A$13 billion ($11.7 billion) Pluto gas project until 2011 after its exploration campaign progressed slower than expected, Chief Executive Officer Don Voelte said.