Put in the context of the current high oil prices he said “There was a time and a place for everything … definitely not (in) a US$40 oil environment.”

And just after chief operating office, Keith Spence, had outlined six possible projects the company would be making investment decisions on – including a fifth train for the North West Shelf – Voelte’s decision to avoid any M&A play is a prudent one.

The investment outlay could be up to $4 billion if all projects are sanctioned.

Spence also outlined an aggressive Mauritanian exploration program, utilising two drilling rigs and drilling up to 20 wells across their permits, with possibly six exploration wells.

Voelte said: “Running out now and doing an acquisition could possibly be the worst thing that could happen to this company depending on price paid and everything else.”

“I feel no pressure whatsoever internally to go out and do something radically different that what we are doing at this point, although the board is certainly expecting me to identify any opportunity that might pop up.”

Chairman Charles Goode said the six projects that were on the approvals agenda were the Otway Gas project in Victoria, Chinguetti in Mauritania, Neptune and Midway in the Gulf of Mexico, Blacktip in the Northern Territory and Train Five on the North West Shelf.