Woodside Petroleum Limited
(ASX:WPL) is monitoring on an offshore gas field in Mozambique that is five times bigger than its North West Shelf project.
Although chief executive Peter Coleman has previously ruled out investing in the emerging east African oil and gas industry due to high costs, he has reportedly highlighted the potential of Mozambique for LNG exports.
Mr Coleman told media that discoveries in Mozambique over the past two years had shown an area of gas reserves totalling around 100 trillion cubic feet.
Woodside is currently renegotiating LNG contracts for its North West Shelf and Pluto projects and is examining costs ahead of smaller projects coming online at the North West Shelf in Western Australia over the next few years.
Under Mr Coleman's leadership, Woodside has stepped up its interest in overseas projects, including Myanmar and Israel where it is in negotiations to take a 30 per cent stake in the Leviathan offshore gas field.
Woodside generated a net profit of $2.9 billion for the 2012 financial year.
