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Australia: Woodside Records 55 Pct Increase in Production

April 18, 2013

Woodside Records 55 Pct Increase in Production

Woodside achieved first quarter production volumes of 21.9 million barrels of oil equivalent (MMboe) in line with 2013 production guidance. Sales revenue was US$1,445 million.

Woodside recorded a 55% increase in production compared to the corresponding quarter in 2012, largely due to the continued high reliability of Pluto LNG, coupled with the ongoing strong performance of the North West Shelf business.

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Key points:

  • Production volumes were 55% higher compared to the corresponding period, while sales revenue increased 21%. LNG volumes increased 177% and oil volumes decreased 45% resulting in lower average realised prices. The average Brent price for the quarter was $112.64/bbl, down from $118.45/bbl in the corresponding period.
  • Production was 10% lower than the previous quarter, largely due to the Vincent FPSO being off station for planned shipyard maintenance, coupled with lower volumes from other oil assets predominantly due to an extreme cyclone season. Cyclonic activity accounted for almost half the decrease in oil production experienced in the quarter.

Highlights

  • Browse: Commercial evaluation of the proposed Browse LNG Development continued in Q1. On 12 April 2013, Woodside advised that the James Price Point development concept does not meet the company’s commercial requirements for a positive final investment decision. Alternative development concepts would be evaluated.
  • Pluto LNG: During the quarter Pluto LNG delivered its 50th LNG cargo. During the quarter the fourth vessel in the Pluto LNG fleet was named. The ‘Woodside Rogers’ is scheduled to arrive at Pluto LNG in Q3 2013. Named after Woodside’s former Chairman Bill Rogers, the vessel is second long-term charter vessel for Pluto LNG.
  • Myanmar: Farm-out agreements were executed for Blocks A6 and AD7 in January and March respectively, and the acquisition of the 1786 km2 Padauk 3D marine seismic survey in A6 was completed in late March. Initial fast-track data from the Padauk survey should be available in Q2, but final processed data will not be available until Q4.

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LNG World News Staff, April 18, 2013; Image: Woodside