AS Woodside Petroleum hammers out a big offshore deal in the politically unstable Middle East, some shareholders have called on the company to drill for shale gas in its own backyard.
The Perth-based oil and gas producer has made a name for itself developing offshore liquefied natural gas (LNG) projects in Western Australia, and it is now eager to cement a lucrative long term project in Israel.
But some believe the company should look to unconventional areas, such as the onshore Canning Basin in Western Australia, after the success of the shale gas boom in the United States.
Chief executive Peter Coleman said Woodside's deepwater and sub-sea capabilities were its major strength, and any move to onshore shale would likely involve dedicated unconventional gas players.
"We haven't ruled shale gas out," Mr Coleman told the company's recent annual general meeting.
"We've always said we'll look at all sources of hydrocarbon, and what we need to do is decide whether we've got the capability to go after that.
"Anyone who ignores the shale gas revolution that's happening globally does it at their own peril."
He also acknowledged it could take years before Woodside established itself as a shale gas player.
"We're not chasing what everyone else is doing," Mr Coleman said.
Woodside is yet to commit any serious money to its Leviathan project in Israel, as it needs to finalise tax issues and hold talks with joint venture partners.
It has also left the door open to develop the Sunrise project near East Timor, and is weighing up options in Myanmar, Canada and Ireland.
Mr Coleman said Woodside was also looking at opportunities to boost its oil production, from 10 per cent of the company's portfolio.
He pointed to the company's increased willingness to partner with substantial players, such as Noble Energy in Israel, and BG in Myanmar.
"As you extend that to unconventionals we'll be looking for opportunities with partners who have those particular capabilities as well," Mr Coleman said.
By his own reckoning, relationships with partners require a lot of work, especially after Woodside held off signing a contract which would have sealed a $US2.7 billion deal for a stake in Leviathan.
"Going into Israel on March 27 with a view that we were going to finalise the agreements and then not being able to do that was a very very hard decision," he said.
Mr Coleman believes the company is in a strong position in Myanmar, with the recent awarding of offshore exploration territory.
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