By David Winning

SYDNEY--Woodside Petroleum Ltd. said its oil and natural gas production rose by 12% in 2020 compared to a year earlier, as momentum builds for a final investment decision on projects key to the energy company's growth.

Woodside reported record production of 100.3 million barrels of oil equivalent in 2020, although that is expected to fall back this year as the company carries out maintenance at the North West Shelf gas-export project in Australia. Management is targeting output of 90 million-95 million barrels of oil equivalent in 2021.

Fourth-quarter sales revenue of US$920 million was 32% higher than the previous quarter, while quarterly sales volume of 29.1 million BOE was up 9% on the third quarter.

Chief Executive Peter Coleman was upbeat about the company's prospects at the start of 2021, with Woodside expecting to make a decision on the development of its Scarborough liquefied natural gas resource in the second half of the year.

"Oil and gas prices have strengthened considerably heading into the first quarter of 2021," Mr. Coleman said. "We agreed to our highest ever spot LNG price for delivery in the coming quarter, surpassing our previous record set in 2012."

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

01-20-21 1729ET