Woodside upbeat on Myanmar and overseas

Woodside Petroleum is upbeat about its growth prospects in Myanmar as it looks to snap up assets amid low oil prices.

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The energy giant has made two gas discoveries in the Rakhine Basin in Myanmar over the past six months, and chief executive Peter Coleman said more detail on the company’s plans to generate revenue there would be provided soon.

“The investor day in May will give a better line of sight to where we think commerciality in Myanmar will come from,” he told reporters after the company’s annual general meeting.

Shareholders delivered a so-called first strike during the meeting, with more than 27 per cent of votes going against Woodside’s pay for senior executives.

A no vote of 25 per cent or more at next year’s AGM could lead to the Woodside board being spilled and all directors needing to be re-elected.

Mr Coleman’s remuneration totalled $US7.55 million in 2015, down from $US8.46 million in 2014, while the company’s net profit plunged 99 per cent to $US26 million.

He said the company would examine its remuneration policies in the coming months.

“We will work with the board and go through a very thoughtful process,” he said after the meeting.

“The current structure is driving the right behaviours. I don’t feel it’s doing anything other than focusing on long term shareholder value.”

Mr Coleman also expressed confidence in the company’s governance processes, in the wake of recent allegations that energy services company UNAOIL has corrupted the global oil industry by delivering millions in bribes on behalf of well-known multinationals.

Some Woodside staff have left the company in the past for violating the company’s code of ethics, he acknowledged.

“That’s a testament to the seriousness in which we take our code of ethics,” Mr Coleman said.

“The controls and processes we have in place to discover unethical acts is industry-leading in many ways.”