Australia’s Woodside today announced it has achieved significant uplift in its full-year 2012 production to a record 84.9 million barrels of oil equivalent (MMboe), an increase of more than 30% compared to 2011.
Woodside CEO Peter Coleman said the record production was a result of outstanding performance of the Pluto LNG Plant since start up in April 2012, together with ongoing reliability of the foundation business.
“Our full-year production levels clearly demonstrate what a game-changer Pluto is for Woodside, with production levels consistently above our expectations,” Coleman said.
“It has resulted in a step-change in our annual sales revenues, positioning us to pursue value-adding growth opportunities such as potential LNG developments in Israel and exploration activities in Myanmar.”
Woodside ended the year with available funds of US$4.1 billion (US$2.4 billion in cash and US$1.7 billion in undrawn debt facilities), up from US$2.2 billion at the end of 2011.
Woodside’s 2013 production target range remains unchanged at 88 to 94 MMboe, comprising 47% from NWS Gas facilities, 41% from Pluto LNG and 12% from other assets.
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[mappress] January 17, 2013