The Kookaburras have missed their shot at an historic third straight World Cup title after losing a heartbreaking semi-final to Netherlands by 4-3 in a shootout.

After scores were locked 2-2 at regular time, the shootout went to sudden death after both teams only converted three of their opening five shots in the Indian city of Bhubaneswar on Saturday night.

And while both sides traded a fourth goal, Dutch goalkeeper Pirman Blaak swept away Daniel Beale's look on goal to seal their path to a final against Belgium.

It was a cruel defeat for the world's No.1 team, who appeared to have lost in regular time when Eddie Ockenden's last-gasp shot was deflected with 30 seconds to go.

Ockenden was involved twice in the build-up, bringing down a lofted ball and passing wide before receiving it back and forcing a shootout in India.

The Dutch will now face Belgium in the final after the Belgians emphatically dashed England's dream of reaching a first men's World Cup final in 32 years in a 6-0 thrashing.

AAP