Woodside’s Aggressive Tactics Rebuked

MEDIA RELEASE
9 November 2010

Browse problems add to company’s woes

The Wilderness Society has called on Woodside investors to demand the company review its decisions in relation to major LNG projects in WA.

WA Corporate Campaigner, Renae Williams said, "Yesterday, Shell jettisoned 30% of its stake in Woodside in a clear rebuke of the company’s unsuccessful aggressive behaviour under CEO Don Voelte.

“Global investment banks have been sounding the warning over the last month, with critical reports coming out of Goldman Sachs and UBS, highlighting the financial risk associated with Woodside’s ambitious haste to develop major projects.

“Woodside’s widely-reported inability to progress its Pluto project does not bode well for the Browse Joint Venture at James Price Point.

“The push to develop the greenfields Kimberley site is already mired in controversy, well before any approvals are given or site works commenced.

“Shell is both a major shareholder of Woodside and joint venture partner in the proposed Browse development at James Price Point.

“Several court cases related to Indigenous and environmental approvals are now in the Supreme Court, and the environmental assessment has been delayed by over a year with no certainty of when it will be released.”

Media contact: Renae Williams 0433 295 385

Video link to last weekend’s confrontation between Woodside and local residents at James Price Point http://www.youtube.com/watch?v=q9iST3ARlSM&feature=player_embedded