Woodside eyes investments of up to $5bn

After terminating Leviathan deal Woodside says it's looking for disciplined investments.

Just a day after abandoning its Leviathan deal, Woodside Petroluem has told investors that it is targeting investments in a range between $1 billion and $5 billion.

During an investor briefing in Sydney, Woodside said all investments need to be a strategic fit and stand on their own merits.

The petroleum exploration and production company said it was targeting a volume uplift of 3 to 5% on existing assets.

The group also said its goal was to maintain access to capital at the lowest cost in order to fund growth and expects five-year average gearing of around 21%, but is targeting 25% gearing 

Woodside said it expects its Browse project to be the cornerstone of its next growth phase and it expects minimal or no equity issuances will be required throughout this period.

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