In a presentation to investors in Sydney today, the oil and gas giant said its 2006 production would be 67-68MMboe, down from the previous forecast of 72MMboe.

The Perth-based company last month said delays at its Otway Gas Project joint venture, the deferral of some Gulf of Mexico production and water in a well at the Enfield oil project off Western Australia’s coast would put annual target at risk.

As a result, the Australian oil and gas giant said its 72MMboe target for calendar 2006 would be “difficult to achieve”.

It had already cut its full-year production forecast by 5% in June.

But the company said it predicted 2007 output would bounce back to between 75MMboe and 80MMboe.

In the presentation, Woodside said 2006 would probably provide record production, earnings, operating cash flow and dividends.

“We should have done better … though we did, and still do, many things really well,” managing director and chief executive Don Voelte said in the slide presentation.

Woodside warned that first production from Otway would be delayed by nine months due to technical problems, while output from its Chinguetti project in West Africa is expected to halve.

It said it would also just miss its planned 2006 production target from the North West Shelf liquefied natural gas project offshore WA.

Woodside’s 2006 share of NWS production is likely to be 47.1MMboe compared with a planned 47.7MMBoe.

Australia’s biggest independent oil and gas producer posted record production for the third quarter of 19.1MMboe.

Shares in Woodside fell 2.6% in early trading to $36.47.