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AAP

2013-02-20

Woodside Petroleum has lifted its full year net profit by 98 per cent and says it is on track to lift oil production this year.

Woodside's net profit rose to $US2.98 billion ($A2.89 billion) for the 2012 calendar year, from $US1.5 billion ($A1.46 billion).

The 2011 result had been dragged down by cost of delays to its $US14.9 billion Pluto liquefied natural gas (LNG) project off the northwest coast of Western Australia.

Sales revenue rose 29.6 per cent to $US6.2 billion in 2012 ($A6.12 billion), from $US4.8 billion ($A4.66 billion).

Woodside also lifted its fully-franked final dividend by 10 US cents, to 65 US cents.

"Woodside's production target for 2013 remains unchanged at a range of 88 to 94 MMboe (million barrels of oil equivalent), comprising 47 per cent from NWS Gas facilities, 41 per cent from Pluto LNG and 12 per cent from other assets," Woodside said in a statement on Wednesday.

Production in 2012 was 84.9 mmboe, up 31 per cent from 64.6 mmboe in 2011.