"I certainly do see a strong continuing role in our business for oil," Woodside's new chief executive, Peter Coleman, told reporters.

Oil contributes 36 percent of the group's revenue, a significant chunk for a company largely seen as an LNG player.

Woodside earlier topped market forecasts with a rise in first-half profit, buoyed by higher oil prices. See .

The stock rose 0.2 percent to A$37.40.

Copyright Reuters, 2011