Woodside decided to reduce its planned expenditure in 2020 by around 50% to AUD2.4bn (US$1.5bn)

REUTERS - The issue comes down to how quickly to build a shared infrastructure system that would include a major trunk pipeline for transporting gas from mammoth new offshore fields owned by various companies in northwest Australia.

Shell’s subsidiary, Shell Energy Holdings Australia Limited (“SEHAL”), has entered into an underwriting agreement with two investment banks, for the sale of 71.6 million shares in Woodside, representing 64.0% of its interest in Woodside and 8.5% of the issued capital in Woodside, at a price of A$31.10 per share, resulting in total pre-tax proceeds of approximately $1.7 billion (A$2.2 billion). The sale is expected to complete on November 14, 2017.

Australia-based Woodside Petroleum is reportedly cutting 300 jobs and freezing pay in response to low oil prices.