Australian petroleum exploration and production company, Woodside Petroleum Limited sees good growth prospects in Myanmar. The company has already made two oil discoveries in the Rakhine Basin in the last six months and is hopeful of making more in near future. Even though oil prices are quite low at present this company is still expecting to earn big revenue and make significant profit. The company is being pressured by its shareholders to change its strategy and develop a new and better plan for increasing its profitability.
The major concern expressed by the shareholders during the company’s annual general meeting was regarding the extremely high remunerations being paid to senior executives. At the meeting, over 27 percent shareholders voted against this policy and advocated cuts in the salaries. This has forced the company to review its remuneration policy and change it in accordance with the wishes of its shareholders. Woodside Petroleum has plans to form a new policy and implement it within the next few months. This is being done in light of the company’s profits plummeting by 99 percent to US $ 26 million.