Woodside Petroleum expects to cut more than 300 jobs in 2015 as it reduces expenditure following a sharp fall in the oil price.

The Perth-based company has also shelved plans to develop the Sunrise gas field off East Timor because of regulatory and fiscal uncertainty.

The news came as Woodside lifted its full year profit by 38 per cent and re-affirmed its production targets for 2015.

The energy giant’s net profit rose to $US2.4 billion for the year to December 31, up from $US1.7 billion, while revenue lifted by a quarter to $US7.4 billion.

Woodside raised its final dividend by 40 per cent to $US1.44 and said it was on track to reach its 2015 production target of 84 to 91 million barrels of oil equivalent (MMBOE).