"In 2009 we are still targeting production of between 81 and 86 million barrels of oil equivalent, although the lower oil price inevitably means revenue, and therefore profit, will be lower than that achieved in 2008,'' chief executive Don Voelte shareholders at the group's annual general meeting in Perth.
"Likewise, Woodside's values will not be affected by the current global downturn,'' Mr Voelte added.
Woodside believe it was critical to keep strong control over costs in light of the uncertain global and domestic economic outlook.
"To this end we have decided to defer the company's annual remuneration review which normally takes place at the start of each calendar year,'' Mr Chaney said.
Salaries for Woodside employees, except those undergoing promotion, will be frozen for at least the next six months.
Mr Voelte said Woodside believed, alongside forecasters, that demand for liquefied natural gas (LNG) will be underpinned by a global shift toward the use of cleaner fuel sources.
"We base our view on our own analysis of the market and our own experiences,'' Mr Voelte said.
"Even with the deep economic global downturn, there remain more long-term buyers of LNG than there are sellers.
"We expect the market demand for LNG to grow from its current 180 million tonnes per annum to about 400 million tonnes billion tonnes by 2020.
"This represents an annual growth rate of about seven per cent, a rate at which new projects will struggle to keep pace.''
Chairman Michael Chaney said Woodside's foundation customers - in Japan, Korea and Taiwan - will continue to underpin it LNG projects, with more than 90 per cent of the company's LNG sold under long-term sales contracts with take-or-pay provisions.
"While the majority of these contracts protect us from the bottom range of the recent movement in the oil price, it remains the case that our revenues will continue to rise and fall in line with the price of oil,'' said Mr Chaney.
In 2008, production of oil and condensate made up 50 per cent of Woodside's total production and 68 per cent of revenue.
Woodside made a net profit of $1.79 billion in calendar 2008, up 73.4 per cent from 2007.
Mr Chaney said Woodside remained well-positioned to emerge from the current economic downturn a much stronger company.
Woodside shares were up 15 cents to $38.53 at 12.05pm AEDT.
