WOODSIDE SAYS LOSS REFLECTS LOWER OIL PRICES Woodside Petroleum Ltd <WPLA.S> said its 1986 net loss largely reflected the drop in oil prices combined with a large tax provision. Woodside earlier reported attributable net loss rose to 17.14 mln dlrs in 1986 from 8.73 mln in 1985, although group revenue rose to 220.84 mln from 173.50 mln. It said it should have received a 1.7 mln dlr tax credit but instead made a 10.04 mln dlr tax provision. This largely related to its <Vamgas Ltd> unit, non-allowable exchange losses and tax benefits from the North-West Shelf project not recognised in the accounts. Woodside said the rise in revenue largely reflected full year sales of gas and condensate from the domestic phase of the Shelf project, against six month sales in 1985. Offsetting this was a 23 pct fall in the Cooper Basin gas and liquids revenue of its 50.6 pct-owned Vamgas unit. Since the balance date Woodside has accepted a Santos Ltd <STOS.S> takeover offer for Vamgas. Woodside said a 92.8 mln dlr capital profit on the sale would be included in the 1987 accounts. It said it lifted capital spending on fixed assets to 269.6 mln dlrs from 178.3 mln, mostly on the Shelf project.