Woodside Petroleum will decide within 10 days or so whether to pre-empt the $US400 million purchase of a stake in its Senegal oil project by Russia's Lukoil but is also looking to new regions for acquisitions despite suffering a record $US4.067 billion ($5.68 billion) first-half loss.

Chief executive Peter Coleman said Woodside had "dusted ourselves off" from the "perfect storm" of slumping prices and demand that hit in the June quarter and is scouring the landscape closely for opportunities, supported by a strong balance sheet and improving oil and gas prices.