Woodside Petroleum will slash spending by 50 per cent and is deferring a final investment decision on a number of projects, including the $US11 billion ($A18.2bn) Scarborough gas project, amid the spread of COVID-19.

The company on Friday said “decisive and swift action” was required in an uncertain global investment environment arising from the spread of COVID-19.

The pandemic, as well as a global oversupply of crude oil and LNG, has led to a significant decline in prices.