Woodside Petroleum recorded a 49% jump in its first half profit today.
The firm, which is the largest oil and gas producer in Australia, saw its net income rise from last year’s $340million to $507million.
The firm credited a higher oil prices and a 6% reduction in its production costs for the rise.
Woodside said it expected oil prices to continue to strengthen, hitting $55 this year and rising to $65 next year.
The operator expects first production in September from the Chevron Corp.-operated Wheatstone LNG plant where it owns a 13% stake.
The Perth-based company also operates the Pluto and North West Shelf liquefied natural gas projects in Western Australia.