Record Annual Production for Woodside

LNG player Woodside of Australia reported record annual production of 87 million barrels of oil equivalent (MMboe) for 2013, up 2.5% compared to 2012.

Production volumes were 5.9% higher than the previous quarter and sales volumes were 10% higher than the previous quarter largely due to increased production at Pluto following the re-start of the LNG Train and the change-out of dehydrator beds during the third quarter.

Revenue for the quarter was 23.2% higher than the previous quarter largely due to sales contracts adjustments for volumes already delivered by Pluto.

Production volumes were 4.5% lower than the corresponding period predominantly due to lower oil production, as a result of the Vincent FPSO being off station and natural field decline at other oil assets.

Revenue for the quarter was 6.7% lower than the corresponding period. The impact of the reduced sales volumes was partially offset by the one off price adjustment for Pluto. The average Brent price for the quarter was $109.35/bbl, slightly below the $110.13/bbl in the corresponding period.

Year on year revenue was impacted by the higher proportion of gas volumes sold in 2013, resulting in lower average realised prices. Additional oil is expected in 2014 with the Vincent FPSO re-starting production in November 2013.